Cedi’s gain before Christmas was artificial; $1 now GHS13 because the ‘viagra’ effect is gone – Sam George

Member of Parliament (MP) for Ningo Prampram, Samuel Nartey George has indicated that he is not surprised the Ghanaian cedi is currently performing poorly against the US dollar.

The Ghanaian cedi made a shocking turnaround last month before Christmas when it made massive gains to become the strongest and best-performing currency against the US dollar.

Weeks into the New Year, the cedi has continuously depreciated again and is now reportedly the second-worst performing currency against the US dollar in Africa.

During an engagement on Prime Morning on Monday, January 23, Sam George argued that it is the reality that has caught up with the cedi.

He opines that the gains made last month were artificial.

“I went on Facebook and said we must be careful because what they had done to the cedi was like a limp male organ that had been given Viagra, it will get erect, it will show strength but when the effect of the Viagra wears out, it will come back to its original state, limp,” Sam George shared.

The Ningo Prampram MP added, “When artificially they did whatever they did during the Christmas and the President went to run his mouth up north, the dollar had dropped to about GH₵8 – 8.5 but its GH₵13 now and it’s still rising.”

Meanwhile, the official bank rate as provided by the Bank of Ghana is $1 to GHS10.35.