According to him, speculations about the cedi and illegal forex trading activity in the past months, have triggered its decline, especially against the US dollar.
"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 noted.
Although this theory can be debated, Ghanaians on social media platform, Twitter, in their own way, have been seeking to ‘resurrect’ the cedi which is listed as the worst-performing currency in the world, overtaking the Sri Lankan Rupee.
In a rather satirical turn of events, some Ghanaians on the platform have been calling for the cedi to miraculously appreciate and perform better than it currently is.
“Arise oh cedi! Again I say arise!,” one user wrote while another said; "Have you praised the cedi this morning? Do the needful"
Another Twitter user said, “Ayomide, rise!”
Meanwhile, the woes of the cedi have continued in the 10 past months, declining by about 50 percent against the US dollar.
This has been coupled with inflationary pressures which have seen Ghana record a rate of 37.2 percent in September 2022 – the highest in about 20 decades.
The current economic challenges in Ghana have culminated in job losses, worker agitations, rising cost of living and general frustration among the populace.
See reactions from some Ghanaians on Twitter below:
Dear @ghanacedi, I’m sorry. I’m so sorry that I was not your mother. If I was your mother, you would have been so loved
“Cedi, look at me. This ain’t you. You’re brave. You’re smart. You’re the best I’ve ever known and I’m very lucky to be with you.” pic.twitter.com/DkfqvafOQZ
Mr President! Talking down the money was exactly how you campaigned for the job! Please ask your Vice President to remind you as you appear to have forgotten how we all got here! Thank you ????????
The Cedi has in recent times experienced significant depreciation