John Kumah, the Deputy Finance Minister has disclosed that the Ghana cedi is still strong if compared to the currencies of other African countries.
According to him, the claims that the cedi is performing poorly against the US dollar is just a propaganda by the opposition in parliament.
“Mr. Speaker, my colleagues on the other side have created a wrong impression about the strength of our currency,” he noted. He added that the minority in parliament believes that the currencies of countries like Cote d’Ivoire, Togo and Senegal are performing better than the Ghana cedi which is not true.
He stated that these countries use the CFA and currently, it takes 620 CFAs to get $1 but here in Ghana, you just need GH¢12.50 to get $1. He furthered that anybody who will say that the cedi is performing badly is ignorant.
“I can boldly say that with the exception of Tunisia and Libya, no other Africa currency can be compared to the strength of the cedi,’’ he noted during his submission in parliament on March 9, 2023 which was monitored by 1Family Radio.