Former Executive Director of Danquah Institute and A leading member of the New Patriotic Party (NPP), Gabby Otchere-Darko, has taken a swipe at Accra-based TV3 for describing the cedi as ‘worthless’.
The NPP activist expressed his disgust about the media station running down the country’s currently, an act he believe is fueling the depreciation of the cedi.
He says even though the Cedi is currently experiencing a decline, the tag by the TV station is not useful.
Mr. Otchere-Darko In a Facebook post on Friday, said that the challenges of the Cedi do not call for media speculations which only worsen the situation.
“Even as reputable analysts, such as JP Morgan, are today describing the cedi in a mixed tone as at least ‘15% undervalued’ and its net risk as “positive”, but our forex market “distorted”, a big Ghanaian media house is busily and loudly describing the cedi as ‘worthless’.
“Journalists can report and influence. But where the default mode is to influence negatively, such media houses run the risk of becoming partners in speculation”, he protested.
Gabby Otchere-Darko continued, “It is not the job of journalists and analysts to fix the cedi, but fixing it is not helped if they make it more their job to fuel speculations. The cedi may be worth 60% less now than what it was to the US dollar last year. But it is not worthless!”.
“My sympathies go to the many, many businesses and consumers out there who simply do not know where to turn. There is hope because there is every indication that the new injection of more forex, should reduce the influence of black market operators on rates, giving the local currency a necessary relief from next week”, he concluded.
The comments by the NPP bigwig comes at a time when the local currency is experiencing acute decline as compared to the US dollar and other major trading currencies.
The situation has subsequently triggered widespread anxiety amongst the public, with many blaming the government for failing to salvage the economy.
The Ghanaian cedi has lost almost 60% of its value since January 2022, development that has impacted the business community in Ghana.
Members of the Ghana Union Trader Association recently closed that shops in the Country’s capital in protest against what the call unbearable economic condition.
The also blame the depreciation of the cedi affecting their working capital and called on government to intervene.
source: theGhanaianvoice.com
