|Archbishop Nicholas Duncan-Williams|
Archbishop Nicholas Duncan-Williams has spiritually “commanded” the falling cedi to “rise”.
Leading his followers, in Church on Sunday February 2, 2014, to pray for the recovery of the fast depreciating local currency, the Presiding Bishop and General Overseer of the Christian Action Faith Ministries (CAFM) headquartered in the national capital, Accra, said: “…I hold up the cede with prayer and I command the cedi to recover and I declare the cedi will not fall; it will not fall any further. I command the cede to climb. I command the resurrection for the cede. I command and release a miracle for the economy”.
The cedi has already depreciated by three per cent against the major international currencies this month. The US dollar, which sold at Ghc2.20 on the local foreign exchange market before Christmas last year, now sells at Ghc2.60. The British pound, which sold at Ghc3 now sells at Ghc4.20. The euro and CFA are also selling at Ghc3.50 and Ghc4.80 respectively. In 2013, the local currency suffered 17-per cent depreciation.
The year-on-year depreciation shows a 21.96 per cent depreciation of the cedi against the dollar; 28.88 per cent against the pound sterling; 23.98 per cent against the euro and 25.54 per cent against the Swiss franc.
The Bank of Ghana recently injected $20 million into critical areas of the economy as part of efforts to shore up the cedi.