Ghanaians have been encouraged by President Nana Addo Dankwa Akufo-Addo to stop disparaging the cedi.
The President’s remarks follow rumors that a haircut on government bonds is imminent.
The “so-called prediction,” according to the President, caused Ghanaians to withdraw their cedis from banks and offices, which led to more cedi depreciation.
On Sunday, October 30, 2022, President Akufo-Addo addressed the public regarding the present economic issues, saying: “As the French would say, l’argent n’aime pas le bruit, to wit, money does not like noise, [in Akan,] 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.”
The President also cited limited foreign exchange inflows as a contributing factor in the recent depreciation of the cedi in comparison to the main world trade currencies.
Low foreign exchange inflows were to blame for the recent turmoil on the financial markets, which was exacerbated in the previous two to three weeks in particular by speculators’ and the black market’s activities.
President Akufo-Addo stated that the cedi had further devalued by the time we realized what had happened. “An anonymous two-minute audio message on a WhatsApp platform anticipating a so-called haircut on Government bonds pushed all of us into banks and currency bureaus to dump our cedis, he said.
He urged Ghanaians to band together to make sure the cedi is reinstated.
“By having faith in the currency and avoiding speculation, all of us can contribute to the strengthening of the cedi.
Let’s continue to use our cedi as the solid investment it is, he said.