• Home
  • About us
  • Our Team
  • Contact us
  • Privacy Policy
  • Login
Upgrade
TheGhanaianVoice.Com
Advertisement
  • Home
  • World
  • Politics
  • Business
  • Culture
  • Sports
  • Entertainment
  • Opinions
No Result
View All Result
  • Home
  • World
  • Politics
  • Business
  • Culture
  • Sports
  • Entertainment
  • Opinions
No Result
View All Result
TheGhanaianVoice.Com
No Result
View All Result
Home Business

The Cedi Is Not The 3rd Strongest Currrency In Africa – IEA Boss Contradicts John Kumah

Godwin Okine, Managing Editor by Godwin Okine, Managing Editor
September 11, 2022
in Business, Economy
0
John Kumah Insists Cedi Is 3rd Strongest Currency In Africa – Challenges Manasseh Azure Awune And Fourth Estate
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Director of research at the Institute of Economic Affairs, Dr John Kwakye, has debunked claims by the Deputy Finance Minister, John Kumah, that the cedi is the third strongest currency in Africa.

In a series of tweets to tackle the contentious claim, Dr Kwakye said the cedi having the third highest value against the dollar is not the same as being the third strongest currency on the continent.

Dr Kwakye said value can be artificially created, which Ghana did in 2007 by redenomiating the cedi, hence the Deputy Finance Minister’s comments on the cedi are wildly inaccurate.

“The cedi is not the third strongest in Africa. It is the currency with the third highest value. They are two different things. Just because a currency has a high value doesn’t mean it is strong. The value can be artificially defined through redenomination. 

“Let it be made clear that you can create an artificially high-value currency through redenomination. But you can’t create an artificially strong currency. Your currency is as strong as your economy is,” Dr Kumah explained on his Twitter handle.

Dr Kwakye continued: “Let it be made clear that the GHc was given an artificial high value when it was redenominated in 2007. Since then, the exchange rate in old cedi terms, has moved from 10,000 to 100,000 to the dollar. That tells you how weak the currency is.”

He concluded: “However, over time the test will be to what extent the currency maintains its value vs the $. Since 2007 when Ghana made its new cedi artificially equal to the $, in old cedi terms the exchange rate has moved from 10,000 to 100,000. How can you call the cedi a strong currency?”

Ghana Cedi Is The 3rd Strongest Currency In Africa

Speaking on the Business Edition of Joy News’ ‘PM Express’, the Deputy Finance Minister fought back against claims that the Ghana cedi is one of the worst performing currencies worldwide.

He said: “Don’t believe those propaganda. I just returned from Tunisia on a programme, and Tunisia has the second strongest currency in Africa.

“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.

“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.”

Sourcè: theGhanaianVoice.Com

Tags: Dr John KwakyeIEAInstitute of Economic AffairsJohn Kumah
Previous Post

Bawumia Leads Thousands Of Ghanaians For Maiden National Fitness Day Walk In Accra – Photos

Next Post

Does Kennedy Agyapong Deserve An Apology From The Asogli State?

Godwin Okine, Managing Editor

Godwin Okine, Managing Editor

Godwin Nii-Armah Okine is the Managing Editor of theGhanaianVoice.Com and he is based in Tema, Ghana. Godwin holds a Bachelor’s Degree in Communication Studies (Journalism major) from the Ghana Institute of Journalism. Contact Godwin on [email protected]

Related Posts

Pensioners Contemplating Suicide Over Debt Exchange Programme
Economy

Cedi Depreciated By 19.1% To Dollar In January 2023 – BoG

by Honor Kwasi Tsali
January 28, 2023
Economic Crisis: I Can’t Retrieve My GH¢106k Investment – Agyinasare
Economy

Economic Crisis: I Can’t Retrieve My GH¢106k Investment – Agyinasare

by Honor Kwasi Tsali
January 27, 2023
Minority Reshuffle: Election 2024 Will Be On Economy And We Put Our Best Foot Forward – Asiedu Nketiah
Economy

Minority Reshuffle: Election 2024 Will Be On Economy And We Put Our Best Foot Forward – Asiedu Nketiah

by Honor Kwasi Tsali
January 25, 2023
Patrick Yaw Boamah MP on individual bondholders
Business

NPP Will Lose 2024 If Govt Touches Individual Bondholders – Patrick Boamah

by Kennedy Opoku
January 24, 2023
Sulemana Braimah on COVID-19 and auditor General report
Crime

COVID-19 Corruption Highest Level Of Corruption By A Gov’t In Ghana – MFWA Boss

by Kennedy Opoku
January 24, 2023
Next Post
Does Kennedy Agyapong Deserve An Apology From The Asogli State?

Does Kennedy Agyapong Deserve An Apology From The Asogli State?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Premium Content

Away! Away! – Stunning Moment Crowd At Global Citizen Festival Hooted At President Akufo-Addo

Away! Away! – Stunning Moment Crowd At Global Citizen Festival Hooted At President Akufo-Addo

September 25, 2022
Dr Richard Amoako on collapsed businesses

“How Can Members of Parliament Abandon A Budget For Qatar To Watch The Black Stars?”- Dr. Amoako Baah Slams ‘Qatar MPs’

December 5, 2022
Bawku Clashes: Death Toll Now 18, Dozens Flee Out Of Fear

Bawku Clashes: Death Toll Now 18, Dozens Flee Out Of Fear

December 27, 2022
  • Home
  • About us
  • Our Team
  • Contact us
  • Privacy Policy
Call us: +2332012345

© 2022 theGhanaianVoice - All Rights Reserved | Legal.

No Result
View All Result
  • Home
  • World
  • Politics
  • Business
  • Culture
  • Sports
  • Entertainment
  • Opinions

© 2022 theGhanaianVoice - All Rights Reserved | Legal.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In