Cedi Depreciation: NPP Accuses NDC Of Hiring TikTokers To Speculate On Local Currency

• The governing New Patriotic Party (NPP) has accused the NDC of being the brain behind the depreciation of the cedi
• A Deputy Communications Director of the NPP, Rabi Salifu says the NDC hired Tiktokers to speculate on the local currency
• This comes on the heels of a recent rise in the cedi which has seen it move from the worst to the best currency

The communications directorate of the governing New Patriotic Party (NPP) has accused the opposition National Democratic Congress (NDC) of being the brain behind the depreciation of the cedi.

According to a Deputy Communications Director of the party, Rabi Salifu, elements in the NDC hired some Tiktok influencers to speculate on the local currency which led to its free fall.

Cedi Depreciation: Panic Withdrawals Were Caused By NDC's Speculations

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Speaking on Accra-based Joy Prime, Rabi said the false speculations led to panic withdrawals causing people to hurriedly exchange their cedis for dollars.

“...they came out to say by December dollar was going to be ₵25 which is not happening. They came to say the dollar was going to get stronger and stronger, the speculations we were all condemning were all triggered by the NDC,” she said.

Cedi Depreciation: Attitude Of NDC Worsened Ghana's Inflation Rate

Rabi also added that the attitude of the NDC worsened the country’s inflation rate.

When pushed by the host of the show for evidence to back her claims, since they have not proven to be factual, Rabi insisted that she has evidence to support her claim.

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Finance Ministry ‘celebrates’ cedi’s recent gains against US dollar

Cedi Depreciation: Local Currency Moves From Worst To Best Performer Against US Dollar

Earlier, YEN.com.gh reported that Bloomberg had tagged the Ghanaian cedi as the best-performing currency against the US dollar.

This comes after the local currency was compared to some 150 currencies across the globe.

The cedi which has lost more than 50% of its value this year gained 10% against the greenback. The cedi to dollar depreciation saw the local currency trading as high as GH¢15 to $1. The situation has however improved as it currently trades a little above GH¢12.50 to the dollar.

Source: YEN.com.gh