President John Dramani Mahama brought humour and applause to the Ghanaian currency as he playfully jabbed Ghanaians who complain about getting fewer cedis when exchanging foreign currency.
Speaking at the Cedi@60 anniversary celebration on Tuesday, November 17, President Mahama recounted moments from his past travels, when some members of his entourage would anxiously convert prices abroad into cedis before deciding whether to make a purchase.
At the event themed “Sovereignty, Stability, and Economic Resilience,” President Mahama said: “In the past, when we travelled with our security and drivers and they got their per diem, anytime they went to the shop to buy a few things, they always used their calculator.
“If they saw a shoe for 120 pounds, they would convert it into cedis and shout, ‘What?!’ When they saw how many cedis they would get for the money instead, they would say, ‘No, I won’t buy. I’d take it home,” he said, while laughing and drawing laughter from the audience.
He joked that such “calculator shoppers” might not be too pleased with the central bank today over the cedi’s strengthened performance.
“I’m sure they will not be very happy with the Bank of Ghana and Governor Asiamah, because now, when they use that calculator, it will not be as much as it used to be before,” he said, teasing those who once relied on forex conversions to maximise value.
President Mahama used the anecdote to highlight what he described as renewed confidence in the cedi, noting that landlords who previously demanded rent in dollars now insist on being paid in cedis.
“Today, people are quoting in cedis. Even house rent, you want to pay in dollars, and he says, ‘No, pay me in cedis.’ A lot of respect has returned to our currency,” he added.
The President went on to commend the Bank of Ghana, the Ministry of Finance, and their teams for their management of the economy, saying Ghanaians are appreciative of the progress made.
The celebration comes at a time when the Ghanaian cedi has shown a stronger performance in recent weeks.
According to market data from November 11, the local currency closed the interbank market at GH¢10.92 to the US dollar, a 0.64% depreciation from GH¢10.85. The British pound also fell by 0.37% to GH¢14.37, while the euro edged up marginally to GH¢12.64.
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