Managing Editor of the Insight newspaper, Kwesi Pratt Jnr. says the redenomination of the Cedi which former President John Agyekum Kufour did to ‘fool’ Ghanaians that the Cedi was equivalent to the US dollar was a ‘useless’ move.
According to him, it was deceptive on the part of the Kufour administration to tell Ghanaians that knocking off zeros from the Cedi makes the Currency equally powerful as the US dollars when in actual fact the value of the Cedi was not the same as the dollars.
As a panel discussant on Radio Gold’s 'Alhaji and Alhaji' weekend talk show, Kwesi Pratt insisted the value of the Cedi under former President John Agyekum Kufour was the same after knocking off the zeros.
“Under President Kufour, there was a very simple thing which was done, which was as useless as what we are doing today . . . we knocked off a few zeros and claimed that now the Cedi was exchanging at Ghc1 to $1 . . . Like today, we can do that; we can knock off all the zeros and the Cedi will be exchanging at Gh1 to a dollar, but the value of the Cedi is the same,” he jabbed.
Affirming his claim of deception under Kufour’s administration, Kwesi Pratt quizzed why from Kufour’s era to now, the economy of the country has moved from less than Ghc1 to a dollar to Ghc5.1 to a dollar, reiterating that over 36 years, the Cedi has depreciated by more than 30,000 percent.
He again mentioned that the same way the Kufour administration knocked off a few zeros to make the Cedi attractive which many Ghanaians said it was not the solution to the problem of the economy, the Akufo-Addo government cannot organize a party after pumping $800 million into the economy with the expectation that the country’s currency is depreciating.
“So the redenomination didn’t solve the problem of depreciating values. What he did was to create the impression to fool the people that the Cedi was appreciating when indeed the Cedi was depreciating . . . they have not solved any problem of the economy,” he slammed.
Source: Daniel Adu Darko/Peacefmonline.com/[email protected]
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KWESI!KWESI!!KWESI!!! OH POOR YOU, I GUESS POLITICS HAS AFFECTED YOUR REASONING. RE-DENOMINATION OF THE CEDI DOES NOT MEAN $1=¢1. WE WERE CARRYING TOO MUCH NOTES TO BUY A COMMON ITEM SO IN HIS WISDOM AS A PRESIDENT HE BROUGHT RE-DENOMINATION TO REDUCE THE QUANTITY OF NOTES IN THE SYSTEM. THE EXCHANGE RATE BY THEN WAS ABOUT ¢8000=$1 IE. 0.80P=$1 SO IT WAS NOT EVEN UP TO ¢1 TILL IT STARTED DEPRECIATING TILL NOW. YOU CAN ***barred word*** SOME PEOPLE SOME....BUT YOU CAN'T ***barred word*** ALL THE PEOPLE ALL THE TIME!!!
Kwasi Pratt now tell Ghanaians what you have done for Ghana as a citizen. You cannot be counted as one of the seasoned journalist in Ghana. You are only known because of your loose political talks. You could not even perform as a PRO is some departments in your youthful days. You are not more Ghanaian than any Ghanaian tell us your speciality. If it is journalism you cannot be counted. It would be good for you to stop spewing unfounded statements and remarks. ENOUGH IS ENOUGH.
only the ***barred word*** ***barred word*** can not read the sense in his statement after all the reference made.
Kwesi Pratt has always talked r0bbiish, just because he talks smooth we don't realize how soopid he is. Is he saying that if the Old cedi was 8,500 to usd1, and it was left to remain like that it would have been better for us as even USD1=GHS1 has now depreciated to USD1=GHS5.1? How many whee barrows would need to carry the equivalent of USD10,000? Because he is a journalist he talks any r0bbish and people still listen to him. God save this educated illiterate called Kwesi Pratt.
The challenge in our country today is that matters of specialized expertise have become subjects that almost everyone with internet access, or a microphone is able to talk about. To Kwesi Pratt, there're no zeros today to knock off from the cedi, in order to achieve 1:1. There're none, TODAY!
I had lots of respect for Mr. Pratt. Sorry to say you goofed big time.
Bushman!!!!!, Ghanaians would have used tractor trailers to move the ***barred word*** NDC cedi around.
Pratt knows very little about these things but always making noise to get attention. I would like to see his achievements I suspect he has none.
What's wrong with this guy? Has Prez Kuffour or NPP done anything against him which makes him try to denigrate everything they do. if we have 10 of his character traits, Ghana would have been doomed.
I hardly comment on such stories but try carrying 10,000 old ghana cedisin your wallet