The Cedi Is Appreciating – Philip the Predator Explains Why on SVTV Africa with DJ Nyaami
In an interview with Dj Nyaami on SVTV Africa’s Daily Hustle Worldwide, Philip the Predator shared insights into why the Ghanaian cedi is currently appreciating and what this means for Ghanaians, especially those sending money home or planning to relocate.
According to Philip, people sending money to Ghana for projects are now being forced to double their remittances due to currency fluctuations. He questioned why the cedi doesn’t appreciate significantly against foreign currencies, despite policies meant to stabilize it. One such policy, the Gold-for-Oil program, is meant to support the cedi — but Philip wonders how sustainable that policy really is.
He pointed out that even with the cedi appreciating, inflation remains high and prices of goods haven’t dropped. “It’s not logical for the cedi to appreciate without a corresponding drop in the cost of goods and services,” he said. He also raised concerns about foreign companies operating in Ghana and repatriating large sums of money abroad, which weakens the local currency. In his view, Ghana needs stronger regulatory bodies to manage this flow.
Another issue Philip raised is that visa application fees are quoted in foreign currencies, which disadvantages Ghanaians. He also claimed, “It feels like the government is working against its own people,” suggesting that some of the currency appreciation might be artificially driven. If the government manipulates the dollar rate, those relying on fuel or gas imports could suffer even more.
He explained that if 10,000 Ghana cedis were equivalent to $10,000, many people would consider staying in Ghana rather than traveling abroad. “How can I pay my staff 1,500 cedis if I’m not making enough abroad, especially when the exchange rate is 1:1?” he asked.
Philip believes that if the exchange rate falls to GHS 5.5 per dollar, relocating abroad will no longer be attractive for many. This, he says, could even make foreign embassies adjust their visa policies, as fewer people would want to travel. He concluded by saying that some countries, like Seychelles and Singapore, offer visa-free access to Ghanaians, but the overall economic reality must improve to make staying in Ghana more viable.
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