Mr Kwaku Boateng, President of the Ghana Federation of Traders, believes the ruling New Patriotic Party (NPP) will be unable to break the eight-year-jinx as the cedi continues to fall in value versus the dollar.
According to him, the dollar and other currencies continue to depreciate the local currency, creating havoc on Ghanaian enterprises, and the government has no idea what to do.
He has consequently asked the government to take efforts to rectify the issue, since it will impact the NPP’s chances in the upcoming general elections.
He stated that 97 percent of businesses had failed due to capital losses caused by the cedi depreciation.
Several business owners, he added, have lost their firms, with the majority of them moving abroad.
He remarked that the daily depreciation of the cedi poses a threat to the local economy.
“That is why we are reminding the government, particularly Vice President Dr. Bawumia, that you cannot break the eight with a dollar sale at GHC 16.” Business owners are experiencing great difficulty and economic turbulence, so we are urging the government to take action to address the problem.
We admire President Akufo-Addo and his vice president, Dr. Bawumia, which is why we urge them to solve the cedi depreciation. I want them to cut the dollar rate from GHC16 to GHC10. The cedi is depreciating because some evil, corrupt, and selfish politicians, in collusion with bank officials, have hoarded the dollar, causing issues for us,” he stated in an interview with Rainbow Radio 87.5FM’s Frontline programme.
Mr. Kwaku Boateng added that they have issued a two-week ultimatum to deal with the matter, or they will be forced to hit the streets.
He claimed that in Nigeria, the current President, Tinubu, took severe action by enacting policies that encouraged Nigerians who had hoarded dollars to exchange them for multiple Niaras.
Ghana, he noted, can use this approach to stabilise the cedi.
By: Rainbowradioonline.com/Ghana
