The local currency has become a major victim of an economic downturn that has been epitomized by massive depreciation against the United States dollar, galloping inflation (currently at over 40%) and the general rise in the cost of living.
The 'Papa' as he is known, however, believes that prayer was a good means of arresting and stabilizing the depreciating currency aside from economic and political interventions.
In a November 7, 2022 video posted on his official Twitter handle, Duncan-Williams implores his congregation to open their mouths and pray for the stability of the cedi.
"All things are possible to him that believes, I said all things are possible to him that believes. We speak to the cedi. We prophesy to the cedi, let the cedi stabilize.
"Open your mouth, put your hands together, prophesy, speak to the cedi… open your mouth, speak to the cedi, prophesy, arrest the cedi, stabilize it in prayer. In the name of Jesus," he added.
An economy in distress
The economy is facing major headwinds that have been characterized by galloping inflation, consistent depreciation of the cedi and general high cost of living and of doing business.
The government is hoping to reach a deal with the International Monetary Fund, IMF, for an economic support programme aimed at shoring up the economy and easing the burden on ordinary Ghanaians.
President Akufo-Addo and his government have come under heavy scrutiny for failing to address the current economic challenges in the country.
The prices of goods and services have been continuously rising all year round, with inflation currently at over 40 per cent.
The Ghana cedi has been ranked the worst currency in the world among 148 currencies tracked by Bloomberg, overtaking Sri Lanka's rupee, having depreciated by nearly 50 per cent so far in 2022.
What Akufo-Addo said about Ghana being in a crisis
Amid an economic downturn, calls for Akufo-Addo to resign has heightened with a November 5, 2022 protest dubbed ‘Kume Preko Reloaded’ making the loudest call as activists and politicians marched in Accra to press home that demand.
The government is meanwhile, grappling with an economic crisis, which along with the galamsey scourge and corruption are the major drivers for the call on Akufo-Addo to resign along with his Vice President, Mahamadu Bawumia.
Akufo-Addo in his October 30 address on the economy blamed the Covid-19 pandemic and the ongoing Russia-Ukraine war as causes for the country’s economic woes.
While admitting that the country was in crisis and rallying support for various government interventions to stem the tide, he said the situation was not peculiar to the country as many nations across the world were also experiencing difficulties.
“We are in a crisis, I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time.
“But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedeviled our economy,” he said.
But like before, President Akufo-Addo blamed the Covid-19 pandemic and the ongoing Russia-Ukraine war as causative factors for the economic woes.
