Cedi Still Doing Better Under Akufo-Addo Than It Did Under Mahama – Gabby Otchere-Darko

Cedi Still Doing Better Under Akufo-Addo Than It Did Under Mahama – Gabby Otchere-Darko

  • Gabby Otchere-Darko has said despite the challenges being faced the cedi, is doing better now than it did under John Mahama
  • Gabby Otchere-Darko made the comments on Twitter on Wednesday to defend growing concern about the cedi's massive depreciation against the US dollar
  • Meanwhile, the cedi is currently, the worst performing currency on the African continent after losing 7.6% of its value to the dollar

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Gabby Otchere-Darko has said although the local currency, the cedi, has depreciated significantly against the dollar, it is doing better than in 2014 when John Mahama was President.

The confidante of President Nana Akufo-Addo and influential member of the governing New Patriotic Party (NPP) made this remark in a Twitter post on Wednesday, March 2, 2022 in defence of a recent criticism that the cedi was facing its worst performance yet.

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“There was a time that government had to come out to say the cedi had fallen not by 40% under a year but 23%! John Mahama was President, Raymond Atuguba Executive Secretary and there was no COVID. The cedi is struggling but nowhere near what happened in 2014,” he said in a tweet sighted by YEN.com.gh.
Gabby Otchere-Darko
Gabby Otchere-Darko. Source: Twitter
Source: Twitter

To buttress his point, Gabby Otchere-Darko, who was once Executive Director of the Danquah Institute, quoted a 2014 description of the cedi’s troubles: “The cedi’s fall is a bigger slide than even the war-ravaged Ukrainian hryvnia and the Syrian pound."

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According to some analysts, the cedi is facing its worst performance this year after falling by 7.6% against the US dollar.

In the run up to the 2016 election, then opposition candidate Nana Akufo-Addo and his running mate, Dr Mahamudu Bawumia criticised John Mahama’s government for the cedis poor performance.

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In August 2014, $1 was equivalent to about GH¢3.7.

Ghana Cedi Plunges Against Dollar To Become Africa's Worst-Performing Currency

In a related development, the latest report by Ghana-based finance analyst, Databank, shows Ghana sits at the bottom of a 15-currency ranking after depreciating by 7.6% to the U.S. dollar.

This makes the local currency the worst-performing on the continent.

At the start of 2022, the Ghana cedi sat at number 14, beating only the Zambian kwacha.

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Source: YEN.com.gh

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