Effutu MP
June 6, 2024

Majority Leader, Alexander Kwamena Afenyo-Markin has appealed to Ghanaian businessmen/women not to rush to change their cedis into dollars as government is doing its best to stem the depreciation of the cedis.

According to him instead of changing the cedis into dollars Ghanaian businessmen and women should rather buy treasury bills or have fix deposit and save in cedis; adding that by so doing they will not find themselves in difficulty in the near future when the government’s efforts finally yield results.

The Effutu lawmaker noted at a press conference that, the exchange rate will be coming down when it happens, as was the case in 2022 where people lost money because people who were responding to the pessimisms of the Minority NDC at the time that the Ghanaian economy was collapsing and there was no future for the economy and went to change their dollar at the rate of one Ghana cedis to fourteen and fifteen dollars when the rate drop to eight dollars, “here we were they have lost huge amount.”

“I would encourage Ghanaians business person not to rush to change cedis to dollars, they should be optimistic the government has a plan in place, we had the rate going high but through prudent management it dropped. Ghanaians should have confidence in the economy and not change cedis to dollars if you do not have immediate need for it”.

Majority leader further pointed out that the Minority is throwing dust into the eyes of Ghanaian and confusing people that local contracts and agreement of multi-year value cannot come under Article 181 clause 5.

“As a businessman myself, I know the effect of the pronouncement of the Minority, its effect on industry which at the long round will affect the economy. We know the situation with our cedis, if a politician who does not understand business will come out for the sake of politics and just makes any pronouncement, the market would respond as a result of unreasonable comment that seems to be affecting the business environment”.

Kwaku Sakyi-Danso/Ghanamps.com