The Member of Parliament (MP)for Akim Swedru in the Eastern Region Hon Kennedy Osei Nyarko has called on Ghanaians to stop the unfounded speculations about the value of the local currency against other major trading currencies across the globe.
He said persons and groups that continue to negatively speculate about the Ghana Cedi with the hope that the local currency will continue to depreciate against the US Dollar.
He said the speculations have contributed to the consistent depreciation in the value of the Cedi in the past.
“If we stop speculations and the Cedi/Dollar politics our currency will be stable and things will be cheaper for us all. Going forward we must stop the currency politics we do and I am certainly convinced that prices of things will fall drastically. What’s currently happening to the Cedi clearly shows that speculations is an enemy to our survival as a people and we must do everything possible to stop those that spearheads it,”Hon Kennedy Osei Nyarko wrote on his official Facebook wall.
“All of us can play a part in helping to strengthen the cedi by having confidence in the currency and avoiding speculation. Let us keep our cedi as the good store of value it is”.
The Ghana Cedi has been under pressure this year but recently, it has seen some cumulative gains as the dollar is currently being traded to the Cedi at an average rate of about GH¢11.
The Cedi declined by over 50 percent in value against major currencies making it the worst-performing currency globally.