Veteran journalist and Managing Editor of the Insight Newspaper, Kwesi Pratt
Veteran journalist and Managing Editor of the Insight Newspaper, Kwesi Pratt Jnr, during a radio discussion on Tuesday, May 14, 2025, mimicked a prayer said by a celebrated man of God over the cedi’s depreciation nearly a decade ago.
The cedi had maintained stability at approximately GH₵15.50 to the US dollar between February and April 2025, before strengthening significantly to GH₵13.10 in early May, its most robust position in twelve months.
While discussing the recent gains made by the cedi against the dollar, Mr. Pratt Jnr stated that only hard work could stabilise the currency, not prayer.
“We should work hard. It is not about prayers. Prayers?… The pastor who said the cedi should rise — what happened when he said that prayer? Did the cedi rise? Ignore such pastors. Let us work hard and sustain the cedi, and stop the propaganda. That is not what will stabilise the cedi,” he remarked.
In 2014, Archbishop Nicholas Duncan-Williams spiritually “commanded” the falling cedi to “rise.” Leading his congregation in prayer for the recovery of the rapidly depreciating local currency, the Presiding Bishop and General Overseer of the Christian Action Faith Ministries (CAFM), headquartered in Accra, declared:
“…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.”
At the time, the cedi had already depreciated by 3% against major international currencies in February 2014. The US dollar, which sold at GH₵2.20 on the local foreign exchange market before Christmas 2013, was then selling at GH₵2.60.
The British pound, which had sold at GH₵3, was going for GH₵4.20, while the euro and the CFA were selling at GH₵3.50 and GH₵4.80, respectively. In 2013 alone, the local currency had suffered a 17% depreciation.
Year-on-year figures at the time showed a 21.96% depreciation of the cedi against the US dollar, 28.88% against the British pound, 23.98% against the euro, and 25.54% against the Swiss franc.
As part of efforts to shore up the cedi, the Bank of Ghana injected $20 million into critical sectors of the economy.
Archbishop Duncan-Williams also led his church to pray for then-President John Mahama, Finance Minister Seth Terkper, and Central Bank Governor Dr. Henry Kofi Wampah, asking for divine help and guidance to salvage the economy.
“In the name of Jesus, say: ‘Satan, take your hands off the President; take your hands off the Central Bank and the Finance Minister.’ Say: ‘We release innovation for the President, my God, the Governor of the Bank of Ghana, the Central Bank, in the name of Jesus Christ, the Son of God, and the Finance Minister.’ Say: ‘We command new ideas, breakthroughs, and a miracle for the economy. Let the cedi rise in Jesus’ name,’” he declared.
KA
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