Cedi Fall Is Spiritual – Duncan William

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Parent Category: Our Country

Category: Business & Finance

Created on Monday, 03 February 2014 00:00

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Cedi Fall Is Spiritual – Duncan William

The Presiding Bishop and General Overseer of the Christian Action Faith Ministries (CAFM), Archbishop Nicholas Duncan-Williams, has charged all members of his church to pray against the free fall of the Cedi.

He said, “…I hold up the Cedi with prayer and I command the Cedi to recover and I declare the Cedi will not fall; it will not fall any further. I command the Cedi to climb. I command the resurrection of the Cedi. I command and release a miracle for the economy.”

The Cedi had already depreciated by three percent against the major international currencies this month.

The US dollar, which sold at GH¢2.20 on the local foreign exchange market before Christmas last year, now sells at GH¢2.60.

The British pound, which sold at GH¢3 now sells at GH¢4.20.

The Euro and CFA are also selling at GH¢3.50 and GH¢ 4.80 respectively.

In 2013, the local currency suffered 17 percent depreciation.

The year-on-year depreciation shows a 21.96 percent depreciation of the Cedi against the dollar; 28.88 percent against the pound sterling; 23.98 percent against the euro and 25.54 percent against the Swiss francs.

The Bank of Ghana recently injected $20million into critical areas of the economy as part of efforts to shore up the Cedi.

Archbishop Duncan-Williams also led his church to pray for President John Mahama, Finance Minister Seth Tekper and Central Bank Governor Dr Henry Kofi Wampah, for divine help and guidance to salvage the Cedi.

“In the name of Jesus, I say Satan take your hands off the President; take your hands off the Central Bank and the Finance Minister. We release innovation for the President, my God, the Governor of the Bank of Ghana, Central Bank, in the name of Jesus Christ the son of God, the Finance Minister. We command new ideas, breakthroughs and a miracle for the economy. Let the Cedi rise in Jesus name,” he led the prayer.

Source: radioxyzonline