Cedi’s Rise:Mahama for slow down; my dollar reserves all dey go waste – Ghanaian Singer Kuami Eugene

Ghanaian highlife sensation Kuami Eugene has sparked a heated debate on social media with a plea to President John Dramani Mahama to “slow down small” on the appreciation of the Ghanaian cedi against the dollar. The cedi’s recent surge in value has earned plaudits from citizens and the finance minister, but Kuami Eugene’s concerns about his dollar reserves have added a new twist to the conversation.

In a social media post, Kuami Eugene revealed that his dollar reserves are depleting due to the cedi’s gains, stating, “We beg Pres. John Mahama for slow down small, my dollar reserves all dey go waste.” The artiste confessed to having mixed feelings about the cedi’s performance, saying, “I’m happy and sad at the same time”. This ambivalence stems from the cedi’s significant appreciation against the US dollar, from approximately GH₵15 to $1 in April to GH₵10 to $1 currently.

While some Ghanaians, like actor Van Vicker, have congratulated the President on the cedi’s strengthening, Kuami Eugene’s concerns highlight the challenges faced by individuals with dollar-based savings or investments. Van Vicker praised the President, saying, “Mr. President, I must congratulate you on the strengthening of the Ghana cedis on the world market. Ayekoo”. He believes the current rate is remarkable and sustainable.

Mixed Reactions from the Public

Kuami Eugene’s post has sparked a buzz across social media, with mixed reactions from the public. Some users sympathize with his concerns, acknowledging the difficulties faced by those with foreign currency investments. Others have criticized him for his remarks, viewing them as insensitive during a time of economic recovery.

Economic Implications

The cedi’s appreciation has drawn mixed reactions, particularly from Ghanaians abroad and local investors who keep reserves in foreign currency. Many in the diaspora have expressed dissatisfaction, explaining that the strengthening cedi makes remittances and dollar-based transactions less valuable. This development has sparked debates about the economic implications of a strong cedi and its potential impact on Ghana’s economy.

A Balancing Act

The Ghanaian government faces a delicate balancing act in managing the cedi’s value. While a strong cedi can boost economic stability, it can also affect export competitiveness and dollar-based transactions. As the government navigates these complexities, individuals like Kuami Eugene are watching closely, hoping for a balance that benefits all stakeholders.

What’s Next?

As the conversation around the cedi’s value continues, it remains to be seen how the government will respond to Kuami Eugene’s plea. One thing is certain, however: the cedi’s performance will be closely monitored, and its impact on Ghana’s economy will be a topic of ongoing discussion.

In related news, Ghanaian actor and filmmaker Van Vicker has expressed optimism about the cedi’s sustainability, while others have raised concerns about the potential consequences of a continued appreciation. The debate highlights the complexities of economic management and the need for careful consideration of various stakeholders’ interest.

Source: Africa Publicity