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Fall of cedi is short term challenge; We will fix it – Mahama

President John Dramani Mahama has taken to social media to call for patience whilst government addressed the challenges regarding the fall of the Ghana cedi.

“This is a short term challenge and we will fix it. Panic only worsens things in the financial market, so bear with the government, confident and fearless, because we will chart the path for recovery,” the President said on his facebook page Thursday afternoon.

There is an upset in the foreign exchange market in Ghana, which has caused the cedi to decline by about four per cent from January to date, partly due to adjustments in the United States economy over the past year and other trading activities.

President Mahama is currently in London, attending a conference on HIV/AIDS but before he left Ghana on Wednesday, he walked unannounced into a meeting some journalists were having with the Minister of Finance, Mr Seth Terkper, and the Minister of Trade and Industry, Mr Haruna Iddrisu, to explain recent happenings in the economy to them.

The President stated that recent measures outlined to check the decline of the cedi may be painful but they were necessary to ensure the stability of the economy.

Mr Mahama is in London with fellow Commissioners of the UNAIDS and Lancet Commission, as part of renewed international efforts to defeat the scourge of HIV and AIDS and thereby advance global health. 

The UNAIDS and Lancet Commission is a set-up by the international community aimed at ensuring the protection of the achievements and gains made in the fight against HIV and AIDS over the years.  

On his facebook page on Thursday President Mahama wrote this:

“Regarding the depreciation of the Ghana Cedi, I want you all to know two major things. First: this is not caused by our national decisions. We are part of the global financial system and so we share both its ups and downs.”

“Since the beginning of this year, several countries, with stronger economies than ours, have seen their currencies depreciating due to the moves of international players on the stock market.” 

“In January, for instance, Argentina's peso fell more than 20%, Turkish lira lost 6%, the South African rand fell 7% and so did the Russian ruble.”

“The second thing I want you to be sure of is that the government is aware of the effect this depreciation has on your lives.” 

“We take all the proper measures to enable the Cedi to regain its strength against the US dollar and other major currencies.” 

“This is a short term challenge and we will fix it. Panic only worsens things in the financial market, so bear with the government, confident and fearless, because we will chart the path for recovery.”

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