In response to criticism that the Ghana cedi is performing extremely poorly when compared to other African currencies, Deputy Finance Minister John Kumah has pushed back.
On Thursday, March 9, 2023, the deputy minister who challenged the minority in parliament said that, after the currencies of Libya and Tunisia, the Ghana cedi was the strongest currency in Africa against the US dollar.
“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 said.
On March 7, 2023, President Akufo-Addo did what he was obligated to do by the constitution: he addressed parliament about the state of the nation under his leadership.
The president stressed that the nation would have been developing positively if not for COVID-19 and the war between Russia and Ukraine. The opposition, however, claims that the present government is incompetent and that this has had a negative impact on Ghana.
Source – Tru News Report
