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‘Don’t be changing your cedi into dollar because the rate will be coming down’ – Majority Leader urges businessmen

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The Majority Leader, Alexander Kwamina Afenyo-Markin, is urging businessmen and women not to exchange their cedis into dollars.

The Ghana Cedi has seen major depreciation against foreign currencies and has been projected to decline towards the GHC20.00 to a dollar before end of the year by currency analysts.

But the lawmaker says the cedi will soon be gaining momentum and persons who would change theirs to the dollar will regret doing so.

Making reference to a similar incident in 2022 where people bought the dollar for 14 cedis in fear of further depreciation, Afenyo-Markin says the local currency appreciated to GHC8.00 making those that made the purchase lose money.

Speaking to journalists in Parliament Friday, June 07, 2024, the Effutu MP noted he is aware of the measures the government is putting in place to restore the cedi.

“Perhaps I may have to urge businessmen not to be changing their cedi into dollar because the rate will be coming down. When it happened in 2022 a lot of people lost money because people who were responding to the pessimism of the NDC at the time ‘that the Ghanaian economy was collapsing and there was no future for the economy’ and rushed to change their dollar at the rate of 14 and 15, when the dollar dropped to 8, here we were, they had lost huge sums of money.

“So, I will encourage Ghanaian businessmen, individuals, not to rush to respond to the pessimists. They should be optimistic. I know what the government is doing,” he advised.

The cedi is now trading around GHC15.00 to the dollar.




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