Cedi is 'butt of many jokes' – Akufo-Addo

The main opposition New Patriotic Party’s twice-defeated Presidential Candidate Nana Addo Dankwa Akufo-Addo says currently, the cedi has been competing with Manchester United coach, David Moyes, in being the “butt of many jokes”.

Man U’s fortunes, under Moyes’ reign, have taken a nose dive and so has the local currency since January 2014.

The cedi has lost worth against the dollar and many international currencies of trades.

The situation forced the Central Bank to announce a tall list of forex control measures to shore up the cedi’s value. Additionally, over US$100m awere sunk into the forex market for a similar end.

At a symposium organised by the Royal African Society and the Centre of African Studies in London on Monday, Nana Akufo-Addo said beyond the need for Ghana's economy to be managed by a competent team, the structural weakness of the economy must be fixed to keep the currency predictably stable.

“We must re-imagine what Ghana can be like in the 21st century and re-dedicate ourselves to building that new Ghana”, he stated.

According to the former Attorney General, “our country has everything it needs to progress”.

He said: “Ghana is ready and so must its leaders be. I am confident that the future for Ghana is brighter than the dream of 1957 and I know that this century is the era of our manifestation.”

The symposium was chaired by Lord Paul Boateng, of the British Labour Party.

Foreign Minister, Hanna Tetteh and Ghana’s High Commissioner to the United Kingdom, Prof Danso-Boafo, were among the many dignitaries who graced the occasion.