Gabby Otchere-Darko, has in a post reacted to TV3’s ‘“Worthless Cedi Hits New Low” headline.
According to him, the cedi may have lost 60% of its value but it is not worthless like how TV3 reports.
He, in a lengthy text, expressed his disagreement with how TV3, described Ghana’s depreciating currency.
Read the post below.
This is the headline of a major television station in Ghana – TV3. Even as reputable analysts, such as JP Morgan, are today describing the cedi in a mixed tone as at least “15% undervalued” and its net risk as “positive”, but our forex market “distorted”, a big Ghanaian media house is busily and loudly describing the cedi as “worthless.” Journalists can report and influence. But where the default mode is to influence negatively, such media houses run the risk of becoming partners in speculation.
It is not the job of journalists and analysts to fix the cedi; but fixing it is not helped if they make it more their job to fuel speculations.
The cedi may be worth 60% less now than what it was to the US dollar last year. But it is not worthless! My sympathies go to the many, many businesses and consumers out there who simply do not know to where to turn. There is hope because there is every indication that the new injection of more forex, should reduce the influence of black market operators on rates, giving the local currency a necessary relief from next week