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Government: Cedi is the third strongest currency in Africa

The charges were refuted by the deputy minister in an interview with JoyNews. Claims that the cedi is the poorest currency on the continent, in his opinion, are only attempts to harm the reputation of the New Patriotic Party (NPP) administration.

He claims that it also serves to undercut the government’s budgetary policies intended to stop their opponents’ free collapse of the cedi versus the dollar (the National Democratic Congress).

The Ghana Cedi is currently the third-strongest currency in Africa, Dr. Kumah added in the interview.

However, he acknowledged that the cedi’s rate of depreciation may be the worst on the continent.

“And look, I’ve heard all the hype; they stated things like the Ghana cedi is the worst in Africa. Don’t trust that propaganda, I tell you. The second-strongest currency in Africa is found in Tunisia, where I recently returned from on a program.

According to any global ranking of currencies, Ghana really comes in third. I’m referring to the power of African currencies. The third-strongest currency in Africa is the Libyan Dinar, which is followed by the Tunisian Dinar and the Ghana Cedi. But it’s possible that they were discussing the rate of depreciation.

“I just saw what’s going on in Nigeria, and they’re equally moaning about how their Naira fluctuates between 400 and 700 to the dollar, depending on where they are, and sometimes they can’t even get the dollar. Therefore, this is a worldwide issue, he stated.

“So it is not only a Ghana scenario, it is something that is happening globally, and people should not start to think that it’s as a result of some faulty policy or something,” Mr. Kumah continued.

He claimed that the government had implemented several policies that it thought would help the economy and stabilize the cedi’s exchange rate with the US dollar.

Therefore, opponents are unable to link the weak cedi to poor financial management.

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