Former Chief Executive Officer of defunct UT Bank, Prince Kofi Amoabeng, has taken a swipe at some Ghanaian politicians for contributing to the woes of the Ghana cedi in recent times.
According to him, some politicians hoard the dollars, a situation which caused the high demand for the American greenback and the rapid depreciation of the cedi in 2022.
Speaking at the maiden edition of the McDan Business Forum, he said some of the problems with Ghana’s foreign exchange rate is caused by politicians who transact businesses in dollars.
“One thing that causes big demand for dollars is corruption. All the money they are making and stealing are not in cedis but in dollars”.
“They must change dollars. So they hide it under their beds and when they get the opportunity they put it outside”, he added.