President Nana Addo Dankwa Akufo-Addo has implored people talking down the local currency Cedi to desist.
According to him, talking down the Cedi is contributing to its woes.
Addressing the nation on the economy on Sunday October 30, Mr Akufo-Addo said “As the French would say, l’argent n’aime pas le bruit, to wit, money does not like noise, sika mpɛ dede. Where there is chaos, where there is noise, where there is unrest, you will not find money.
“If you talk down your money, it will go down. If you allow some unidentifiable
person to talk down your money, it will go down.”
He attributed the cause of recent turbulence on the financial markets to low inflows of foreign exchange, as it was made worse in the last two to three weeks, in particular, by the activities of speculators and the Black Market.
“An anonymous two-minute audio message on a WhatsApp platform predicting a so-called haircut on Government bonds sent all of us into banks and forex bureaus to dump our cedis, and, before we knew it, the cedi had depreciated further.
“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. To those who make it a habit of publishing false news to stop,” he added.
He further warned persons who are publishing false news about the currency will be dealt with by the relevant state security agencies.
“All of us have a role to play in strengthening the Cedi, stop speculation. Those who publish falsehood resulting in panic, the relevant state agencies will act against such person.”
The Cedi has been struggling against the major currencies, especially the Dollar but the situation is changing as the local currency is making some gains recently.
The President said he is determined to restore stability in the economy.
By Vincent Kubi