$1 will soon be equivalent GH20 - Kwaw Kese predicts doom for Ghana's currency

Not only has the Ghanaian cedi broken jail under the custody of H.E Mahamudu Bawumia, the Ghanaian Vice president who promised to arrest the currency to stabilize it against the dollar.

The cedi is also sick and still galloping on its ailing legs as it has now been described as the worst currency in the world against the U.S dollar. This week, the cedi further depreciated as $1 is now over GH13.00.

Since the popular Ghanaian prophets have remained silent without revealing what the future is like for the Ghanaian cedi, Kwaw Kese has taken it upon himself to drop a doom prophecy for the Ghanaian currency.

Taking to social media, the Ghanaian rapper says by the end of the year, 2022, $1 may trade around GH20. 1 dollar = 20 Cedis by December Prophecy, he tweeted. In another post he said, I can easily save the Cedi but I won’t.

Just let @MBawumia come see me and the Cedi will be stable, Kwaw added in another tweet.

Defending his prophecy, Kwaw told a tweep that 5 days time ooo, now 1 Cedi Dey add up everyday.

Ghana’s Cedi has become the worst-performing currency in the world. This follows the currency’s sharp decline in value as it was reported to have lost 45.1% of its value against the US dollar since the year began.

This report is courtesy of Bloomberg which also noted that Ghana's currency depreciated 3.3% on Monday to 11.2750 per dollar.

Bloomberg tracked the currency of 148 countries and ranked Ghana’s currency as the worst. Ghana’s currency switched places with the Sri Lankan rupee, which is now the second worst performer with a 44.7% drop to the dollar this year.

Bloomberg also reported that Ghana’s holdings by foreign investors in the Ghanaian government’s domestic and corporate bonds fell to 12.3% at the end of August, with the nation’s domestic bonds currently trading at an average yield of 41.9%, the highest in emerging markets.

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