Gabby Otchere-Darko fights TV3 over ‘worthless Cedi’ tag

A leading member of the ruling New Patriotic Party (NPP), Gabby Otchere-Darko, has criticised Accra-based TV3 for describing the local currency as ‘worthless’.

According to him, even though the Cedi is currently experiencing a decline, the tag by the TV station is not expedient.

In a Facebook post on Friday, Otchere-Darko said that the challenges of the Cedi do not call for media speculations which only worsen the situation.

Noting his reservations, ‘Gabby’, as he is popularly called expressed hope in the Cedi which has been losing its forex value steeply in recent times.

“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”, he protested.

Mr Otchere-Darko continued, “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 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”, he concluded.

The comments by the NPP bigwig comes at a time when the local currency is experiencing acute decline as compared to the US dollar and other major trading currencies.

The situation has subsequently triggered widespread anxiety amongst the public, with many blaming the government for failing to salvage the economy.

In a series of social media comments recently monitored by JoyNews, some sections of the populace are calling for the resignation of the Finance Minister, Ken Ofori-Atta, in the wake of the economic crisis.

Meanwhile, President Akufo-Addo says there is no basis for him to sack the Finance Minister.

According to him, Ken Ofori-Atta has discharged his duties “excellently” and therefore he cannot relieve him of his duties.