Ghana Cedi Still Strong – Deputy Finance Minister

Deputy Finance Minister, John Kumah has refuted claims that the Ghana cedi is performing badly against the US dollar in comparison with other currencies of countries on the African continent.

The deputy minister challenging the minority in parliament on Thursday, March 9, 2023, stated that the Ghana cedi remains the best performing currency in Africa against the dollar except for the Libyan and Tunisian currencies.

“Mr Speaker, my colleagues on the other side have also spoken wrongfully about the strength of our currency and said that when COVID came, we should compare the Ghana cedi to the currency of other countries and they have mentioned countries like Cote d’Ivoire, Togo, Senegal and Mali.

“Mr Speaker, all the countries my friend mentioned, they use the CFA. Today, the current rate of CFA to the dollar is 620. You need 620 CFAs to get one dollar. Mr Speaker as we speak today, you need GHC12.50 to get $1. So when they say we have the worst currency, what are they talking about? They don’t understand the argument. I challenge them further that even on the continent of Africa with the exception of Tunisia and Libya there is no other currency with the strength stronger than the Ghana cedi,” he stated during parliament’s debate on the president’s State of the Nation Address (SoNA).

President Akufo-Addo on Wednesday, March 7, 2023, fulfilled his constitutional mandate by addressing parliament about the current state of the nation under his stewardship.

The president emphasised that but for COVID-19 and the Russia-Ukraine war, the country was headed in the right direction in terms of overall development.

But according to the opposition, Ghana has suffered and continues to suffer from what they deem to be the incompetence of the current government.