There are several reasons behind the depreciation of the Ghana Cedi to major trading currencies. Among others, the Ghanaian currency has depreciated to foreign currencies like the dollar due to lower export revenue, a surge in imports, reduced monetary policy interest rate, and some interventions by the central bank. The rapid depreciation of the Cedi makes imported goods more expensive, high inflation, and a decline in local consumer purchasing power.
Due to the import-driven economy of Ghana, the nation’s currency has been losing value to its major trading partners since independence. Efforts by successive governments to put measures in place to curb the depreciation of the cedi have achieved next to nothing.Â
In 2014, when the Ghanaian currency was devaluing very fast to the dollar, the renowned pastor and founder of the International Central Gospel Church, Reverend Mensah Otabil predicted that a dollar to ten Ghana cedis was not far-fetched given the rapid depreciation of the Ghanaian currency at the time.
Reverend Mensah Otabil who is touted by many as a sympathizer of the governing New Patriotic Party due to how critical he was of the erstwhile John Dramani Mahama administration, made this prophesy when a Cedi to a dollar was below Ghs4. Contrary to his prophecy though, the John Dramani Mahama government left power with the cedi to dollar ratio being around 4:1.
Fast forward, the New Patriotic Party assumed power in 2017 and the depreciation of the cedi is not any different. It, therefore, comes as a surprise to many Ghanaians when Mensah Otabil has suddenly kept mute on all the unfavorable economic situations in the country. To make matters worse, his prophecy of a dollar to ten Ghana cedis has come to pass during the regime of his “darling” party.
It is in reaction to this that Hon Joseph Yamin, Deputy Sports Minister under the John Dramani Mahama government has reiterated that, the prophecy made by the made of God was targeted at the National Democratic Congress but unfortunately for Mensah Otabil, it got fulfilled under the NPP. He, therefore, challenged the man of God to speak on it
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