Trading on the interbank market as at close of yesterday, Wednesday, February 12 suggest a rebound of the local currency, the cedi which has for some time now slumped against major international currencies.
It is however, not yet established whether the great performance of the cedi on the market since Tuesday is as a result of the recent stringent measures announced by the BoG to arrest the fast depreciation cedi or, the ‘powerful’ prayers by the General Overseer of Action Chapel International for the local currency to ‘rise’.
As of last Sunday, February 9, the cedi which traded near GHC 3 to the dollar was yesterday being sold at GHC 2.40 to a dollar with the buying rate pegged at GHC2.30.
A brief survey by this paper yesterday in the capital city revealed how some black marketers who had hoarded dollars hoping to profit were weeping uncontrollably as a result of loses following the sharp depreciation of the dollar to the cedi.
Whereas a Zambrama black marketer at Nima complained of how he had made loses as a result of the decline in the dollar to cedi rate, his counterpart around Airport residential could not also help than to admit that they have toiled in vain to hoard the dollar hoping for a ‘better’ rate.
The local currency has also been performing creditably against the pounds sterling and euro as of close of yesterday.
The Cedi has been on a downward slide since the beginning of the year losing nearly 4% in January alone.
To arrest the situation, the Bank of Ghana early this month announced enforcement of exchange control laws and introduced additional measures many say are draconian.
The Bank of Ghana also pumped $20 million into critical areas of the economy as part of efforts to shore up the cedi.
Following outcry from many quarters, government on Monday asked the central bank to clarify some of the measures to ease tension.
Before the central bank came up with these measures, Archbishop Nicholas Duncan Williams at a church sermon command the cedi to ‘rise’.
He prayed “…I hold up the cedi with prayer and I command the cedi to recover and I declare the cedi will not fall; it will not fall any further. I command the cedi to climb. I command the resurrection of the cedi. I command and release a miracle for the economy”.
He has since been harshly criticized by political commentators and fellow pastors for offering prayers for the cedi to shore up.
Ironically, whiles people, including some apostles of the late first president of Ghana, Osagyefo Dr. Kwame Nkrumah sought to mock the man of God; it is of public record that Osagyefo himself was an ardent believer in God and prayer.
Indeed, at independence on March 6, 1957 at the Accra Polo grounds, Dr Kwame Nkrumah among other things stated “But today, may I call upon you all, that on this great that, let us all remember that nothing can be done unless it has the support of God. Let us now, fellow Ghanaians; let us now ask for God’s blessing for only two seconds, and in your thousands and millions…”
Considering the role the Almighty Savior has played in the life of Ghana and its citizens, it is not quite clear if the current rise of the cedi, which is causing a downfall of the major trading currency is by an act of God or the measures announced by the BoG or a combination of both.