Cedi Depreciation: Gabby Otchere-Darko Takes On Media House For Describing Local Currency As “Worthless”

• A leading member of the New Patriotic Party (NPP) has taken issue with TV3's description of the cedi as "worthless"
• Gabby Otchere-Darko says the cedi may have lost 60% of its value but that doesn't make the local currency worthless
• He warned via a Facebook post that such unfortunate descriptions worsen the cedi's predicament

Gabby Otchere-Darko, nicknamed the “prime minister” due to his enormous influence in president Nana Akufo-Addo’s government, has said the cedi may have lost 60% of its value but it is not worthless.

Gabby took to Facebook on Friday, October 21, 2022 to express his disagreement with how TV3, a local television station, has described Ghana’s troubled currency.

TV3 put up the caption “Worthless Cedi Hits New Low” during a discussion on Ghana’s local currency on Thursday, October 20, 2022.

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But Gabby Otchere-Darko, a cousin of the president and leading member of the governing NPP thinks the caption was unfortunate.

“Journalists can report and influence. But where the default mode is to influence negatively, such media houses run the risk of becoming partners in speculation.

“It is not the job of journalists and analysts to fix the cedi; but fixing it is not helped if they make it more their job to fuel speculations.

“The cedi may be worth 60% less now than what it was to the US dollar last year. But it is not worthless!” he stressed.

Captain Smart Says Late Amissah-Arthur Is More Useful Than Dr Bawumia

Meanwhile, YEN.com.gh has reported in a related story that outspoken journalist, Blessed Godsbrain Smart, known popularly as Captain Smart, has taken a swipe at vice president Dr Mahamudu Bawumia over the cedi’s unprecedented depreciation.

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Cedi fall proves late Amissah-Arthur more useful than Dr Bawumia – Captain Smart

The host of Onua FM/TV morning show said late former vice president Paa Kwesi Amissah-Arthur performed better at strengthening the cedi than Dr Bawumia.

While in opposition, Dr Bawumia attacked Mr Amissah-Arthur for poorly managing the economy as head of government's economic management team.

Source: YEN.com.gh