The President of the Ghana Federation of Traders, who doubles as President of the Automobile Union of Ghana, Mr. Kwaku Boateng, is alleging that the Bank of Ghana is aware of the activities of forex traders in the black market.
He alleged that some top officials of the central bank and politicians are in contact with illegal forex traders.
This year, the cedi has fallen by approximately 14% against the dollar, owing in part to foreign exchange (forex) supply deficits.
Mr. Kwaku Boateng told the host that some senior officials are part of the reasons why the cedi keeps depreciating.
He said there is no trader among business owners who would keep the dollars in their homes and under their beds like some officials are doing.
“Some political leaders and appointees hoard the dollar and send it to the bank, then the bank calls the black market traders to come for them and sell it on their behalf. That is what they are doing to us. The traders who need the dollar don’t get it.”
He issued a two-week ultimatum to the government, demanding immediate measures to reduce the exchange rate from GHC15 to GHC10.
The federation, comprising eight groups, indicated that the depreciation of the cedi is severely affecting businesses.
He said the situation has depleted their capital and is endangering their businesses.
In an interview on Frontline on Rainbow Radio 87.5FM, he warned that if the government fails to respond within the next two weeks, the federation will organise a nationwide protest.
He told host Kwabena Agyapong that several businesses have collapsed, claiming about 97 percent of businesses have collapsed.
Using himself as an example, he said he was previously importing 20 containers between 2014 and 2017, but he is only able to import one container now.
“Ghanaian businesses have collapsed, and I am a victim. I was previously responsible for 20 containers between 2014 and 2017. But I can now import only one container. The dollar is making things difficult for us as a business community. There are those who have kept the dollar under their beds and houses.
We are issuing this warning to the president and the vice president that in two weeks, as we said, if we don’t hear anything from them about the dollar from GH15 to GH10, we will demonstrate. If you are a Ghanaian and you think the cedi depreciation is not affecting you, then you are not serious. The situation is affecting everyone, not just business owners.”
By: Rainbowradioonline com/Ghana
