The Representative Money Pastor, Dr. John Kumah, has exposed claims that the Ghana cedi is the most fragile money in Africa.
As per him, such a case is simple misleading publicity intended to sabotage the public authority’s monetary measures in ending the fast drop of the cedi against the dollar.
He expressed that the cedi is right now the third most grounded cash in Africa; notwithstanding, he surrendered that the pace of devaluation the cedi is encountering may be the most exceedingly terrible on the mainland.
Talking on JoyNews’ PM Express Business Release, Dr. John Kumah noticed that monetary forms across the world are encountering deterioration and in this manner, pundits of the public authority’s financial approaches can’t put the unfortunate performing cedi on a monetary botch.
He said, “And look, I’ve heard all the misleading publicity, they said Ghana cedi is the most terrible in Africa and a wide range of things. See, don’t trust those misleading publicity. I just got back from Tunisia on a program, and Tunisia has the second most grounded money in Africa.
“Ghana is third really as indicated by any worldwide positioning of monetary forms. I’m discussing the strength of monetary standards in Africa. The Libyan Dinar, trailed by Tunisian Dinar and afterward Ghana cedi is the third most grounded cash in Africa. Yet, perhaps they were discussing the pace of deterioration.
“I just saw what’s going on in Nigeria and they are similarly grumbling that their Naira isn’t only 400 and something to the dollar, however in some cases it’s even 700 relying upon where … in some cases they couldn’t in fact track down the dollar. So this is worldwide.”
He added, “So it isn’t simply a Ghana circumstance, something is going on universally and individuals shouldn’t start to believe that it’s because of some terrible strategy or no big deal either way.”
He expressed that administration has set up certain actions it accepts would balance out the cedi against the dollar and shore up the economy.
“In any case, fortunately… like we declared government is mediating with this unfamiliar trade barters which sporadically Bank of Ghana does to intercede in the market to carry quiet and security to the unfamiliar trade front.
“And afterward we have likewise acquainted this gold purchasing with shore up our stores in gold. What’s more, in addition to that we are likewise expecting the Cocoa partnered advances before the month’s over or right on time one month from now which will similarly come in to support our economy,” he said.
