John Kumah Claims Ghanaian Cedi Is Third Strongest Currency In Africa

• The Deputy Finance Minister, Dr John Kumah, has denied claims that the Ghanaian cedi is the weakest currency in Africa
• This is contrary to assertions by a US-based economist, Prof Steve Hanke and other leading economists who have tagged the local currency as the worst-performing
• He also adds that the cedi-dollar depreciation is not peculiar to Ghana alone but is a global phenomenon

A Deputy Minister of Finance, Dr John Kumah, has denied claims that the Ghanaian cedi is the weakest currency in Africa.

According to him, that can't be the case since research has proven that the local currency is the third strongest on the continent.

His comments come on the back of criticism against what has been described as the bad policies of the Akufo-Addo government, which has led to the cedi's free fall against the dollar.

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A US-based Economics Professor, Steve Hanke, and other leading researchers have also tagged the local currency as the worst performing in the world.

But in a sharp rebuttal, Dr Kumah said that scenario is not peculiar to Ghana. He adds that it is a global phenomenon which will be nipped in the bud in the coming days.

Speaking on Accra-based Joy News, the Ejisu MP added that the claim is mere propaganda meant to undermine the Akufo-Addo-led government's fiscal measures to halt the cedi-dollar depreciation.

"Tunisia has the second strongest currency in Africa. Ghana is third actually according to any global ranking of currencies. I am talking about the strength of currencies in Africa."

He also expressed optimism that the policies introduced will begin bearing fruit which will, in turn, contribute to the stabilization of the cedi against the dollar and shore up the economy.

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The cedi is trading at almost 10 cedis to the dollar, a situation financial analysts believe has contributed to the country's current economic crisis.

In turn, government officials have set their sights on a $750 million Afreximbank loan facility and the $1.3 billion cocoa syndicated loan to help deal with the cedi-dollar depreciation.

Cedi Depreciation: We’re Expecting More Loans To Stem Tide – Kojo Oppong Nkrumah

Earlier, YEN.com.gh reported that the NPP government had set its sights on borrowing from the international market as it races against time to address the cedi-dollar depreciation.

According to the Minister of Information, Kojo Oppong Nkrumah, some dollars will, in the coming days, be pumped into the Ghanaian economy to halt the sharp depreciation of the local currency.

Source: YEN.com.gh