KSM shades Bawumia following cedi crossing the GHC12.00 mark.
TV personality, Kwaku Sintim-Misa (KSM) has shaded the Vice President, Dr. Mahamudu Bawumia with an old tweet of the latter when he was in opposition.
It seems his very own words have come back to haunt him.
Ghanaians have called out the government of the day over the unstable currency, and a subsequent rise in the cedi to dollar rate.
Check: Cedi crosses GHC12 mark
KSM has joined the fold. And he had this to say.
“You thought he was doing propaganda. Now you know he was speaking the truth,” he said this while drawing attention to a tweet Bawumia made some years back.
See screenshot below:
Today, the Ghanaian currency, Cedis, has crossed the GHC12.00 mark to a dollar.
Within a week, the Ghana cedi broke beyond the 12-mark, trading at GHC12.10 at the majority of forex bureaux or the retail market.
The majority of the owners are selling the dollar for more than GHC12. They believe that there are now much less bucks available.
The cedi is once again losing strength slowly against the pound and euro. One euro is currently selling for GHC11.10 while a pound currently costs around GHC12.70.
The value of the local currency relative to the dollar has dropped by more than 6% in just one week (October 10–October 14). This indicates that the cedi has lost about 46% of its value so far this year.
By assuming this rate of depreciation, businesses’ working capital, especially that of manufacturers who rely on the dollar, have reduced.
The Cedi was 11gh to the dollar just a week ago, but that has drastically altered in that short amount of time. The cedi has crossed GHC12 mark.
Numerous economists believe that things could possibly get worse in the future. They claim that if strict procedures are not followed, the Cedi could devalue much further and touch 15gh by January of the next year.
KSM shades Bawumia following cedi crossing the GHC12.00 mark
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