President John Mahama says panic reactions will only worsen the case of the falling Cedi.
He has, therefore, urged Ghanaians to bear with his Government as he leads efforts toward fixing the economy.
‘Panic only worsens things in the financial market, so bear with the government, confident and fearless, because we will chart the path for recovery,’ the President wrote on his official facebook page.
He says his Government is taking ‘all the proper measures to enable the Cedi to regain its strength against the US dollar and other major currencies,’ adding that: ‘This is a short term challenge and we will fix it’.
Mr Mahama also says the current crisis confronting Ghana’s currency is not an isolated case.
‘Regarding the depreciation of the Ghana Cedi, I want you all to know two major things. First: this is not caused by our national decisions. We are part of the global financial system and so we share both its ups and downs’.
He explained that: ‘Since the beginning of this year, several countries, with stronger economies than ours, have seen their currencies depreciating due to the moves of international players on the stock market. In January, for instance, Argentina’s peso fell more than 20%, Turkish lira lost 6%, the South African rand fell 7% and so did the Russian ruble’.
‘The second thing I want you to be sure of is that the government is aware of the effect this depreciation has on your lives,’ the President said.