Cedi Was Worst Performing Currency In The World Under Mahama – Gabby Says As He Shares 2014 FT Report
Gabby Asare Otchere-Darko, a leading member of the New Patriotic Party, NPP, has referenced a 2014 news story to buttress the state of the economy at the time.
The August 2014 article was titled: “Ghana seeks IMF help after currency falls 40%,” addressed how the country is seen as the epitome of an ‘Africa rising’ narrative of economic growth and improved governance was lacing its boots to seek help from the International Monetary Fund.
The photo Gabby shared had highlighted a portion that spoke about the plight of the local currency at the time.
It stated that Ghana’s decision to go to the IMF was after the cedi had plunged by some 40% that year against the US dollar, the highlighted version read: “making the cedi the worst-performing currency in the world in 2014.”
Gabby has in recent social media posts been defending the government’s economic management amid a crunch that the government has admitted is partly caused by the COVID-19 pandemic.
The falling currency and rising fuel prices and ripple effect on the cost of living has forced the government to take drastic decisions that are to be announced by the Finance Minister on March 24.
The decisions were reached after a cabinet retreat that took place last week.
Two of Gabby’s economic posts are produced below:
On March 17 and 18, he tweeted respectively: “2022 began without the usual $3bn injection of Eurobond cash. Govt’s post-COVID recovery GhanaCARES programme hinged partly on an E-levy which Parliament may not even OK. There should be a national debate: do we want IMF or E-Levy or both or none? Tough decisions confront Ghana.”
“Not sure why NDC blowing a fuse over my harmless call for debate on the consequences of their members rejecting govt’s policy to fund the very budget the House has approved. Trust me, they don’t mean well. They went to IMF when there was no Covid and want to force same on NPP.”
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