Cedi Depreciation: Duncan-Williams Prays For Falling Local Currency To Stabilise
- Archbishop Nicholas Duncan-Williams has offered prayers to God to improve Ghana's economy and falling cedi
- In a video posted on his official Twitter handle on Monday, November 7, the preacher can be seen leading a congregation in a passionate prayer session
- In 2014, the preacher was criticised for offering similar prayers for the cedi's problems around that time
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Popular preacher Archbishop Nicholas Duncan-Williams has led a prayer session for Ghana’s economy and the depreciating cedi to get better.
In a video posted on his official Twitter handle on Monday, November 7, 2022, the founder of the Action Chapel International can be seen leading the congregation of his megachurch in active and passionate prayers.
"All things are possible to him that believes, I said all things are possible to him that believes. We speak to the cedi. We prophesy to the cedi, let the cedi stabilize.
"Open your mouth, put your hands together, prophesy, speak to the cedi… open your mouth, speak to the cedi, prophesy, arrest the cedi, stabilize it in prayer. In the name of Jesus," he charged during the prayers.
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The cedi has lost close to 50% of its value to the US dollar since January 2022, selling for GHS14 to $1 at forex bureaus as of November 10, 2022.
Managers of the economy have been blamed for causing the cedi's woes through excessive borrowing and unbridled importation. The cedi's rapid fall, especially between July and October, has triggered volatility in the local petroleum markets.
Food inflation has also been unprecedented due to the cedi's depreciation.
Meanwhile, this is not the first time Duncan-Williams has offered prayers for the depreciating cedi. In 2014 he sought divine intervention for the troubled local currency.
Although he was criticised for seeking the face of God for something that had been caused by bad economic decisions, the charismatic man of God said the prayers were necessary.
“I don't see anything wrong in praying for my nation and the economy of my country. I also don’t think anybody who criticises what I did is wrong or right. They are entitled to their opinion.
“If we can ask for prayers for the nation’s peace, peaceful elections, to avert flood…why can’t we pray for our economy and our leaders?” he said in an interview with the Daily Graphic in 2014.
Cedi Depreciation: Finance Minister Begs Ghanaians Not To Panic As $1 Hovers Around GH¢15
In a separate story, YEN.com.gh reported that the finance minister Ken Ofori-Atta has said there is no cause for alarm over the cedi's rapid fall against the dollar.
Speaking from Washington DC, the minister said that while the cedi's depreciation is perplexing, things will soon improve.
He said the activities of importers in October had appreciated the dollar against the cedi, adding that an IMF deal next year should strengthen the local currency.
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