Foreign exchange checks on cedi over Google sends Ghana Twitter into confusion

Foreign exchange checks on cedi over Google sends Ghana Twitter into confusion

As at 1600 GMT on March 15, 2019, checks on Google.com on how the Ghana cedi stands against the three major trading currencies show about 300 percentage point devaluation since the same time the previous day.

Now, the Ghanaian authorities responsible for the management of the economy have not yet issued a statement on the information carried by Google.

Social media, the platform for people to share concerns relating to matters of this nature, is abuzz with folks castigating either Google or the Ghana government.

The cedi, prior to the Armageddon-esque numbers given by Google, was already in a weak position as weighed against the British pound, Euro and the US dollar.

But the significant nosedive it has reportedly taken is quite dramatic over 24 hours.

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It is not known if the numbers being given by Google is as a result of a technical glitch.

Whatever the case, a generation that finds most of its information on the internet may be believing what they are seeing.

If the Google numbers turn out to be false as it most likely will, the question remains as to whether the Ghana government will pursue legal action against the tech giants.

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YEN.com.gh's check with foreign exchange operators have actually shown that between March 14 and 15, 2019, the cedi appreciated against the major trading currencies.

This follows an announcement by the Minister of Finance, Ken Ofori-Atta that the central bank was pumping $800 million into the economy.

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The politics of the cedi's exchange rate has always been a fierce one in Ghana.

But in 2016, it became the focal point of the New Patriotic Party's (NPP) presidential running mate, Mahamadu Bawumia's attacks on the then John Mahama government.

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Source: Yen.com.gh

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