By Charles S. Amponsah
The President, Nana Addo Dankwa Akufo-Addo, addressed the nation on the State of the economy on Sunday, October 30, 2022.
In his address, he gave updates on the economy and announced measures taken by the government to relieve Ghanaians of hardships.
Among other things, he urged Ghanaians not to talk down the cedi, avoid negative speculation about the currency and help strengthen it. This, he claims, will contribute to its woes.
Quoting a French proverb, he said: “As the French would say, l’argent n’aime pas le bruit. To wit, money does not like noise, ‘sika mpɛ dede’. If you talk down your money, it will go down.”
The comment, which was widely shared on social media, suggested that speech and speculation contribute directly to the cedi’s decline.
What we found
A search of the president’s verified Twitter account shows that as opposition leader, he frequently highlighted the cedi’s depreciation to criticise the Mills–Mahama government. In February 2012, he tweeted:
The question on the lips of Ghanaians is this: na sika no wo he ne? Where is the money?
— Nana Akufo-Addo (@NAkufoAddo) February 7, 2012
This post, and others in 2012, used the cedi’s decline as evidence of economic mismanagement, the very kind of public commentary he now warns against.
President Mahama, the people of #Ghana want to know: where is the over GH¢48 billion your government has spent? Na sika no wo hene?
— Nana Akufo-Addo (@NAkufoAddo) November 13, 2012
This government has borrowed more money than all other governments put together in 52 years. We must all ask, “na sika no wo hene?” #Ghana
— Nana Akufo-Addo (@NAkufoAddo) October 11, 2012
Within 3 years, they have tripled the national debt. Misi sika no wo he??
— Nana Akufo-Addo (@NAkufoAddo) February 18, 2012
Conclusion
While the president now urges Ghanaians not to “talk down” the cedi, his own public record as opposition leader shows he did the same — repeatedly linking the cedi’s decline to poor governance. His caution therefore represents a change in tone, not a consistent principle.
Verdict: Misleading.
