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General News of Monday, 10 February 2014

Source: adomonline

Fall of the cedi is due to black magic – Anita Desooso

The National Women’s Organiser of the governing National Democratic Congress has blamed the steep depreciation of the cedi against the dollar and other major trading currencies to black magic or juju.

Anita Desooso, speaking on Adom FM’s Dwaso Nsem morning show of Monday February 10, 2014, said the activities of magicians, who conjure money as part of their stock in trade, have a direct effect on the cedi, which is witnessing unprecedented depreciation in recent times.

Citing the activities of black marketers, currency speculators and other people she describes as “saboteurs”, Ms Desooso, who was recently appointed a deputy National Coordinator of the National Disaster Management Organisation (NADMO), claimed the juju men, who use dwarfs, stole such monies from banks and other financial institutions and inadvertently affected their stability.

‘Do we know where they get the money from? Do we know what they do with it? These dwarfs, the black magic, is what has made the cedi lose value,’ she declared.

The local currency has been going through turbulent times, despite attempts by government to stem the tide.

Last week, the Bank of Ghana introduced a number of currency and exchange controls aimed at strengthening the cedi, but the measures have so far not yielded significant returns.

Economists and other financial analysts have variously described the measures as knee-jerk, reactionary and too little too late.