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Franklin Cudjoe: “FX committee tried its best, but cedi is worthless versus the dollar.”

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Franklin Cudjoe, the president of Imani Africa, stated that although the FX Committee, which the government established to help address the devaluation of the Cedi, did its best to advise the government on the local currency, the Cedi has now become the most worthless relative to the US Dollar.

Franklin Cudjoe: "FX committee tried its best, but cedi is worthless versus the dollar."
 Franklin Cudjoe: “FX committee tried its best, but cedi is worthless versus the dollar.”

Mr. Cudjoe observed on social media that the FX Group worked to keep the Cedi from depreciating even further against the US dollar. He added that the government should have addressed the Cedi depreciation issue directly rather than forming a committee to do so.

“The Cedi, the currency of Ghana, is formally the most worthless in terms of the US dollar. My Cedi Committee ultimately tried its utmost to advise against this. Sadly, you should simply kill any snakes you find. There is no need to form a committee to study snakes, Mr. Cudjoe said.

In 2020, the government established an FX Committee to advise it on ways to stop the Cedi’s decline, especially when compared to the US Dollar.

The ministry had promised to form a bipartisan committee to look into the issue and offer solutions. By creating the committee, known as the FX Developments Committee, it has kept its commitment.

Charles Adu Boahen, the deputy finance minister, who presided over the committee’s inauguration, said the group’s goal is to support the Bank of Ghana’s efforts to reduce the cedi’s consistently dismal performance against other significant foreign currencies.

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