Posted: Thursday 13th February 2014 at 16:00 pm

On Prez Mahama’s Facebook Wall: “Depreciation Of Cedi Is a Short Term Challenge And We Will Fix It”

f9a2447196140 179272 On Prez Mahama’s Facebook Wall: “Depreciation Of Cedi Is a Short Term Challenge And We Will Fix It”President John Dramani Mahama on his Facebook Wall has written that the depreciation of the Ghana cedi is not caused by National Decisions but as part of the Global Financial System, sharing both its ups and downs is an experience Ghana has to go through.

President Mahama highlighted that since the beginning of this year, several countries with stronger economies than Ghana’s have seen their currencies depreciating due to the moves of international players on the stock market.

“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.

“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. 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,” he wrote on his Facebook wall.

Assuring Ghanaians of his commitment to savaging the current economic situation, President Mahama has posited that proper measures have been taken to enable the Cedi to regain its strength against the US dollar, describing Ghana’s predicament as a short term challenge which will be fixed in no time.

“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. We take all the proper measures to enable the Cedi to regain its strength against the US dollar and other major currencies. This is a short term challenge and we will fix it. Panic only worsens things in the financial market, so bear with the government, confident and fearless, because we will chart the path for recovery,” he assured all Ghanaians.

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