The founder of Action Chapel International, Archbishop Nicholas Duncan-Williams, has prayed about the problems facing the Ghana cedi.
A severe economic crisis that has been characterised by a sharp depreciation against the US dollar, raging inflation (now at over 40%), and an overall increase in the cost of living has had a significant negative impact on the local currency.
However, the “Papa,” as he is called, thinks that prayer, in addition to economic and political measures, was a smart way to stop and stabilise the declining currency.
Duncan-Williams begs his congregation in a video he released on his official Twitter account on November 7, 2022, to speak out and pray for the cedi’s stability.
“All things are possible to him that believes, I said all things are possible to him that believes. We speak to the cedi. We prophesy to the cedi, let the cedi stabilize.
“Open your mouth, put your hands together, prophesy, speak to the cedi… open your mouth, speak to the cedi, prophesy, arrest the cedi, stabilize it in prayer. In the name of Jesus,” he added.
Major economic headwinds, including soaring inflation, constant cedi devaluation, and a generally high cost of living and conducting business, are affecting the economy.
In order to strengthen the economy and lessen the burden on common Ghanaians, the administration is attempting to strike an agreement with the International Monetary Fund, or IMF.
The failure of President Akufo-administration Addo’s to solve the nation’s present economic problems has drawn harsh criticism.
All year long, the cost of products and services has been steadily growing; the current inflation rate is over 40%.
Following a roughly 50% depreciation so far in 2022, the Ghana cedi, one of 148 currencies tracked by Bloomberg, has surpassed the rupee as the worst currency in the world.
Calls for Akufo-resignation Addo’s have become louder under the economic crisis, with the protest known as “Kume Preko Reloaded” on November 5, 2022, making the loudest demand as activists and politicians marched through Accra.
The government is currently experiencing an economic crisis, which, together with the galamsey epidemic and corruption, are the main reasons why Akufo-Addo and his Vice President, Mahamadu Bawumia, are being called upon to leave.
In his economic speech on October 30, Akufo-Addo cited the current Russia-Ukraine war and the Covid-19 outbreak as contributing factors to the nation’s economic problems.
He acknowledged that the nation was in trouble and called for support for various government initiatives to stop the tide, but he also added that other countries around the world were also going through problems.
“We are in a crisis, I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time.
“But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedeviled our economy,” he said.
But much like previously, President Akufo-Addo attributed the economic problems to the CoVD-19 outbreak and the ongoing Russia-Ukraine conflict.
