The Cedi depreciation has made me lose so much money, but I can’t talk…is the latest comment from Hon. Kennedy Agyapong is one of the 2024 Presidential hopefuls of the New Patriotic Party NPP.
The sincere and straight-to-the-facts politician made this known while speaking on Oman FM about the decision of the Ghana Union of Traders’ Association GUTA to close shops.
He stated that he has lost huge sums of money resulting from the continued free fall of the cedi and that given his position as a businessman, he appreciates the sentiments of the business owners.
“Even me, I have really lost a lot of money due to the depreciation, but I can’t talk because you know…” He said during the phone-in.
The Cedi is falling uncontrollably and as of 5 pm, Friday 21st October 2022, a dollar was being exchanged for Gh¢15.65. The cedi started the day at an exchange rate of $1 to GHS14.55, but depreciated further according to quotations by the forex bureau Afriswap at Osu. Thus, the Cedi so far has lost nearly 141% of its value to the dollar.
In real terms, the local currency has depreciated by about 55% to the dollar and continues to contribute to higher prices of goods and services.
The Ghana Union of Traders Association closed their shops in protest of the depreciation and some Ghana Revenue Authority measures against them.
Mr. Kennedy Agyapong who called for cool heads to prevail in the matter said he sides with the traders.
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