Dr. Clement Apaak, the Member of Parliament for Builsa South, has taken a swipe at Vice President Dr. Mahamudu Bawumia over the continuous depreciation of the cedis against the dollar.
The lawmaker says it is unfortunate that the Vice President told Ghanaians the dollar had been arrested and locked when, in actuality, it was causing havoc on our local currency.
He described this as a joke, wondering why the efforts deployed by the government are not yielding the desired results.
The Ghana Union of Traders (GUTA) has voiced their concerns about the fall in the value of the local currency, describing it as a crisis that needs urgent attention.
GUTA noted that the cedi’s depreciation was frustrating the business community, particularly its members.
“The current state of affairs has far-reaching implications and has caused prices of goods and services to increase for the consuming public,” the statement noted, adding that the inflationary pressures resulting from the depreciating cedi have also increased the cost of goods, and traders are battling to overcome such challenges.
“The value of credit purchases increases, thereby making it very difficult for traders to repay the goods bought from their overseas suppliers, leading to higher indebtedness to businesses,” GUTA said.
The cedi was selling at GH₵14.80 at forex bureaux, while the British Pound was going for GH₵18.20 and the Euro was selling at GH₵15.80.
Dr. Apaak, commenting on these concerns, questioned why the gold-for-oil initiative touted by the Vice President has failed to yield the results of stabilising the cedis against the dollar.
He said the government has failed to address the issue, creating more crises for business owners.
He has therefore advised Ghanaians to vote for former President John Dramani Mahama to take over and deal with the matter.
He said this in a tweet on X, formerly Twitter.
“Cedi Wahala: Reject DMB, reject NPP: 1) US dollar arrested, locked up, and key given to the IGP, JOKE; 2) Gold4Oil will reduce demand for dollars for the purchase of petroleum products, thereby helping to stabilise the cedi, LIE.
#Vote JDM #Vote NDC. Vote for positive change.”
Source: rainbowradioonline com
