According to the National Women’s Organiser of the National Democratic Congress, Anita Desoso, the depreciation of the cedi was a result of “black magic”.
The various measures put in place by the successive governments in ensuring the stabilization of the cedi hasn’t yielded much response as Ghana’s currency continue to depreciate against the dollar which is mainly used in the importation of goods.
According to Anita Desoso in 2014, there were some dwarfs in the country who used black magic to conjure money.
This, she believed caused the cedi to lose its value.
“Do we know where they get the money from? Do we know what they do with it? These dwarfs, the black magic, is what has made the cedi lose value,” she explained.
Today, the cedi is still undervalued as against the dollar with blaming the cedi depreciation on factors including, strong dollar, expected hikes in the interest of investment assets in the US, as well as an expected increase in the US Federal reserve rate.
Government has, however, assured it is working to bring more value to the local currency for a robust economy.
Read the full story originally published on February 10, 2014, on Ghanaweb
The National Women’s Organiser of the governing National Democratic Congress has blamed the steep depreciation of the cedi against the dollar and other major trading currencies to black magic or juju.
Anita Desooso, speaking on Adom FM’s Dwaso Nsem morning show of Monday February 10, 2014, said the activities of magicians, who conjure money as part of their stock in trade, have a direct effect on the cedi, which is witnessing unprecedented depreciation in recent times.
Citing the activities of black marketers, currency speculators and other people she describes as “saboteurs”, Ms Desooso, who was recently appointed a deputy National Coordinator of the National Disaster Management Organisation (NADMO), claimed the juju men, who use dwarfs, stole such monies from banks and other financial institutions and inadvertently affected their stability.
‘Do we know where they get the money from? Do we know what they do with it? These dwarfs, the black magic, is what has made the cedi lose value,’ she declared.
The local currency has been going through turbulent times, despite attempts by government to stem the tide.
Last week, the Bank of Ghana introduced a number of currency and exchange controls aimed at strengthening the cedi, but the measures have so far not yielded significant returns.
Economists and other financial analysts have variously described the measures as knee-jerk, reactionary and too little too late.