Cedi-Dollar Depreciation: Akufo-Addo Warns Against Speculations - Sika Mpɛ Dede

Cedi-Dollar Depreciation: Akufo-Addo Warns Against Speculations - Sika Mpɛ Dede

  • President Nana Akufo-Addo has finally broken his silence on the state of the Ghanaian economy
  • In a televised address to the country on Sunday, October 30, 2022, the President said painted a gloomy image of the economy
  • His "sika mpɛ dede" phrase was the takeaway of the night and has set social media on fire

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President Nana Akufo-Addo has addressed Ghanaians on the state of the economy following agitations from a section of the populace.

The economy, which is in turmoil necessitating the country's return to the International Monetary Fund (IMF), was the focus of his speech to the country on Sunday night.

President Akufo-Addo has cautioned Ghanaians against speculating about the value of the cedi
L-R: President Akufo-Addo and some wads of cedi
Source: Getty Images

In the televised address, the President cautioned Ghanaians against unfounded speculations about the value of the cedi against the dollar and other major global trading currencies.

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Economic Crisis: Akufo-Addo finally admits Ghana is in turmoil; assures it will be over soon

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According to him, his government will, in the coming days, go after persons who consistently peddle falsehoods about the local currency since such speculations have contributed to the fall in value in recent times.

“Fellow Ghanaians, as the French would say, l’argent n’aime pas le bruit, to wit, money does not like noise, sika mpɛ dede. Where there is chaos, where there is noise, where there is unrest, you will not find money. If you talk down your money, it will go down. If you allow some unidentifiable person to talk down your money, it will go down", he said.

That "sika mpɛ dede" phrase has thrown social media into a frenzy. YEN.com.gh has compiled some of the reactions below.

@UmaruSanda:

Fellow Ghanaians. Stop shouting Eeei because sika mp3 dede.

@iLatif_:

Read also

Afia Schwar speaks out against Ghanaian celebrities who campaigned for President Akufo-Addo

Sika mp3 dede meaning the noise you people dey make dey affect the economy. I agree with Nana Addo; keep quiet and suffer.

@EmmanuelAyamga_:

Meanwhile, sika mp3 dede will soon become a viral sound on TikTok. Very soon

@unrulyking00:

"Sika mp3 dede" meaning the noise you people dey make dey affect the economy. I agree with Nana Addo; keep quiet and suffer.

The value of the Ghanaian cedi keeps dropping against the US dollar and the other major global trading currencies.

Experts believe the poor showing of the local currency has contributed to the country's hyperinflation, hikes in fuel products, and skyrocketing prices in goods and services.

After carefully analysing currencies worldwide, Bloomberg tagged the cedi as the worst-performing in the world.

John Mahama Lists 11 Suggestions Akufo-Addo Can Implement To Solve Economic Challenges

Earlier, YEN.com.gh reported on former president John Mahama proffering solutions that president Nana Akufo-Addo can implement to stem the current economic crisis.

Read also

Sam Jonah counsels Akufo-Addo on tackling Ghana’s economic challenges

Speaking at a forum on the economic challenges on Thursday, October 27, 2022, the former president said the situation could be dire if Akufo-Addo ignored sound counsel before the IMF bailout negotiations.

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Source: YEN.com.gh

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