Former Bantama Member of Parliament and National General Secretary aspirant for the New Patriotic Party, Lawyer Henry Kwabena Kokofu, claimed the only solution for the next economic crisis Ghana will face is for the government to devalue the cedi.
According to Kokofu, he does not pray for an economic crisis, but the way Ghana is being run, the country is headed for an economic crisis.
Kokofu argued that Ghana’s Cedi is currently “overvalued” and the only solution to Ghana’s next economic crisis is for the government to devalue the cedi.
He stressed that the solution will be offered by economists and even the IMF.
Speaking in a video shared on X on March 1, 2026, Henry Kwabena Kokofu stated, “The next economic malaise, or economic crisis that the country will go through, Ghana’s solution will be just one, and today mark it on the wall, I am predicting. The next economic crisis is ahead of us.
“I don’t pray for an economic crisis, but the way we’re going, we are bound to get there. When we get there, all the economists, even the IMF, will prescribe only one remedy. They are going to tell us to go and devalue our currency. Your currency is overvalued”, he added.
Meanwhile, some Ghanaians reacting to Kokofu’s remarks stated, “You can’t pump over $1 billion into strengthening the cedis every month just to appear nice in the eyes of Ghanaians because the government wants to achieve a stable currency. What kind of economy is this?”.
A netizen added, “The exchange rate is not the national flag. It is a policy variable. You manage to achieve national objectives. If you desire to promote production (thus employment) by all means, adopt a strategy of not allowing the currency to appreciate. Call it the “Chinese strategy””.
“When they hear people say anything anywhere, then they come gup it out here. When you were chanting that the $ has been arrested, did you not know abt this? Because you failed at stabilising the cedi, all you wish for, it to fall to give you a chance to have a message. All this shows one thing, which is, if the NDC don’t fail, you can’t come up with any superior ideas to beat them. You guys are a bunch of empty men”, a netizen added.
“Devaluing the currency will be a risky business for the government. One major problem in this country is our reliance on import plus we hardly eat what we grow, and this alone will be a huge blow if the currency is devalued”, one more Ghanaian added.
However, President John Dramani Mahama has said his government did not arrest the dollar, but rather strengthened the cedi to put up a good fight against other currencies.
According to John Mahama, his government’s objective was not to artificially control foreign currencies but to strengthen the cedi to compete effectively on the international market.
He detailed that the Ghana cedi recorded significant gains against major international currencies, appreciating by 40.7 per cent against the US dollar, 30.9 per cent against the British pound, and 24 per cent against the euro.
Delivering the 2026 State of the Nation Address in Parliament on Friday, February 27, President Mahama stated, “We made currency stability a priority, and we have delivered. We did not arrest the dollar; we strengthened the cedi to put up a good fight against other currencies”.
Additionally, President John Dramani Mahama detailed that his administration has significantly reduced government borrowing.
He highlighted that his government’s strategy is rooted in prudent economic management to stabilise the economy and rebuild confidence.
“We have borrowed less and spent more responsibly,” President Mahama stated
Mahama further declared that Ghana is once again back and is working again.
According to President Mahama, Ghana’s economy is stabilising and returning to growth.
Mahama stressed that the path for Ghana’s recovery had been challenging, but the economic measures taken by his government are yielding results.
President Mahama added, “I was clear from the outset that recovery would not come easily, but I was also clear that I would stop at nothing to turn this situation around and bring relief to Ghanaians”.
“I promised then that just as I have confronted and overcome crises in the past, I would reset our economy and return us to a path of growth, progress and development,” he stated.
“Mr Speaker, I told this August House when I appeared before you last year that we would have to take tough, prudent and necessary decisions to restore stability and credibility. Today, I can say with confidence: Ghana is back. Ghana is working again. And Ghana is open for business.”
“The fundamentals are improving, and the path to sustained acceleration is very clear to everyone.”
Watch the video below:
“The only solution for the next economic crisis this country would go through is for the government to devalue the currency.”
— SIKAOFFICIAL🦍 (@SIKAOFFICIAL1) March 1, 2026
—Former Bantama MP and National General Secretary aspirant for the New Patriotic Party, Lawyer Henry Kwabena Kokofu claims. pic.twitter.com/0szgAK7J9T