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Talking down the cedi in the media does not help

Mr. Gabby Asare Otchere-Darko


SOURCE: GRAPHICONLINE

A leading member of the New Patriotic Party (NPP), Gabby Asare Otchere-Darko has urged the media to desist from fuelling speculation about the depreciation of the Ghana cedi against the US dollar.

According to him, while it was not the job of journalists and analysts to fix the cedi, the fate of the local currency was not helped by fuelling speculation in media reports and commentary.

In separate posts on Facebook, Mr Otchere-Darko said it was okay to criticise the government but talking down the cedi would not improve its depreciation.

Talking down the cedi in the media does not help - Gabby

He posted: “To our media patriots: It may be OK to bash Govt but talking down the cedi, which is down and very vulnerable, does not help you or your own personal economy…”.

In an earlier post, Mr Otchere-Darko stated that: 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.

“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 to 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”.

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