Cedi once again Africa’s worst performing currency; fourth in the world – Adongo

Member of Parliament for Bolgatanga Central and Member of Parliament’s Finance Committee, Isaac Adongo has claimed that the Cedi has “reverted to its unenviable record of being the worst performing currency in Africa.”

According to him, the Cedi is currently the fourth worst performing currency in the whole world, sourcing Bloomberg.

Delivering a lecture in Accra on Thursday under the auspices of The Coalition For Restoration (CFR, a pressure group affiliated to the opposition National Democratic Congress (NDC), just a day after Vice President Dr. Mahamudu Bawumia, the Head of the Economic Management Team addressed a Townhall meeting on Ghana’s Economy, Hon. Adongo admonished Veep Bawumia to desist from causing Ghana disgrace on the international community.

“His Excellency the Vice President made a lot of profound statements yesterday not supported by facts. And so even as the people of Ghana were contemplating whether it was the economy that we knew or that we’ve suddenly been transported to Heaven, the international community began to give a verdict. I’m sad to give a report and give a word of caution to his Excellency the Vice President not to once again plunge this country into an international disgrace.

“Yesterday Bloomberg reported that hours after the Vice President made some of the claims that actually frightened them, the Cedi reverted back to its unenviable record of being the worst performing currency in Africa. Bloomberg reported that yesterday the Cedi was trading at 5.61 at a time that the Vice President was in Ghana celebrating this abysmal performance and a disgrace to us from the international community. This time it was accompanied by us now becoming the fourth-worst currency in the whole of the world.

Mr Adongo added: “This is a very disturbing spectacle for many reasons. The people of Ghana just recently went to beg the international community to lend us $3bn, we assured them that with the exit of the IMF we were going to be very disciplined and we were going to ensure that the tight rope that we have followed in order to sustain the economy and to build the buffers that they so seriously wanted us to build will be maintained. We had the Vice President telling the whole world that we didn’t mean to follow the IMF, in fact, it was because of the IMF we couldn’t waste the hard-earned currency to support the cedi.”