According to him, initial claims suggesting that the Cedi, has in recent times been ranked as the worst performing currency in Africa is false and based on mere propaganda.
Dr. John Kumah speaking in an interview with Joy Business admitted that although the Cedi is experiencing one of the worst depreciation in Africa, some naysayers are trying to undermine government’s fiscal measures in halting the free fall of the local currency against the US dollar.
“And look, I’ve heard all the propaganda, they said Ghana cedi is the worst in Africa and all kinds of things. Look, don’t believe those propaganda. I just returned from Tunisia on a programme, and Tunisia has the second strongest currency in Africa," he is quoted by Joy Business.
“Ghana is third actually according to any global ranking of currencies. I am talking about the strength of currencies in Africa. The Libyan Dinar, followed by Tunisian Dinar and then Ghana cedi is the third strongest currency in Africa. But maybe they were talking about the rate of depreciation," Dr Kumah added.
He continued, “I just saw what is happening in Nigeria and they are equally complaining that their Naira is not just four hundred and something to the dollar, but sometimes it’s even 700 depending on where … sometimes they can’t even find the dollar. So, this is a global situation.”
Touching further on the development, John Kumah argued that the performance of the Ghana Cedi is not an exception to other currencies in the world which are also experiencing a fast rate of depreciation against major trading currencies.
“So, it is not just a Ghana situation, it is something that is happening globally and people should not begin to think that it’s as a result of some bad policy or whatever,” he stated.
The deputy finance minister said government will continue to adopt stringent measures aimed at strengthening the Cedi against the US dollar.
John Kumah, Deputy Minister of Finance and MP for Ejisu