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Ghanaians Massively React As The Cedi Officially Breaks The ‘8’ To The Dollar

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Joy Fm has formally confirmed the current rate between three major foreign currencies. The rate of exchange between the Ghana cedi and the US dollar has achieved an all- time high of $8.

This indicates that the cedi has finally broken the eight- figure barrier. The NPP’ s campaign theme for the 2024 elections is ” breaking the eight. ” After the 2024 elections, the party intends to stay in power. When this occurs, the NPP will be the only party in the fourth republic to hold office for three consecutive terms.

Breaking the eight in terms of the cedi currency rate, on the other hand, is never their goal. The cedi currency value to the pound is now at 9. 95. The Euro has an exchange rate of 8. 43 as well. Ghanaians have responded angrily to this, and some of the reactions are listed here.

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Some Ghanaians have chastised the government for failing to stabilize the cedi currency, as evidenced by the remarks above. It may be remembered that Ghana’ s vice president, Dr. Mahamudu Bawumia, stated emphatically that if the basics are weak, the rate of exchange will reveal you.

In other news, The Vice- President, Dr. Mahamudu Bawumia said that the worst performance of the Ghana cedi occurred in the erstwhile former President John Mahama’ s administration where the average depreciation rate was 18%.

According to him, the “average exchange rate depreciation during 2017-2021, at 6. 8% under our government, is more than twice as stable than during the 2013-2016 period.”

Speaking on the state of the economy at the national TESCON conference in Kasoa. Dr. Bawumia said the history of the Fourth Republic, the worst performances for exchange rate depreciation happened from 1993 to 2000 and 2009 – to 2016.

Dr. Mahamudu Bawumia will be the ideal person to head the NPP heading into the 2024 elections, according to Osei Kyei Mensah-Bonsu who spoke on Sompa FM and TV in Kumasi.

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Frank Oteng known professionally as Ghlagatin is a Ghanaian celebrity blogger, freelance journalist, and reporter.He is the founder of Ghlagatin.net, an entertainment website. He graduated from Accra Technical University, ATU with a National High Diploma in Interior Design.

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