U.S.-based financial analyst Scott Bolshevik has stirred heated conversations online after posting a striking analysis of the Ghanaian cedi’s performance against the U.S. dollar during the Fourth Republic.
Shared on social media platform X (formerly Twitter), Bolshevik’s data highlights the steady depreciation of the cedi under successive governments, with President Akufo-Addo’s administration showing the poorest performance.
According to Bolshevik’s post, the cedi’s depreciation against the dollar unfolded as follows under successive governments:
Rawlings (0.044 to 0.54), Kufuor (0.54 to 1.4), Mills (1.4 to 1.88), Mahama (1.88 to 3.8), and Akufo-Addo (3.8 to 15.6).
The data reveals that while all administrations experienced depreciation, the cedi’s value has dropped by over 300% under Akufo-Addo’s seven-year tenure, the sharpest decline in the Fourth Republic.
Cedi performance to $1 During the Fourth Republic of Ghana
– Rawlings, from 0.044 to 0.54
– Kufuor, from 0.54 to 1.4
– Mills, from 1.4 to 1.88 in 4yrs
– Mahama, from 1.88 to 3.8 4yrs
– Akufo-Addo from 3.8 to 15.6 over seven years
Akufo-Addo showed the poorest performance pic.twitter.com/zNpPBlTs8m
— Scott (@scottbolshevik) June 19, 2024
