Founder and Leader of the All People’s Congress (APC), Dr. Hassan Ayariga, has entreated government to take action to halt the rapid depreciation of the Ghana cedi, aiming to prevent economic hardships for citizens.
He highlighted that the devaluation of the cedi has led to increased prices of imported goods and services, exacerbating inflation and economic instability.
Dr. Ayariga made these remarks during a press conference in Accra focused on the depreciation of the cedi against major currencies.
He emphasized that the decline of the cedi has become a significant concern, causing economic hardship and distress, particularly for Ghanaian business owners, pensioners, traders, and enterprises reliant on the dollar or foreign inflows.
Dr. Ayariga observed that the pressure on the cedi remains considerable, with its year-to-date depreciation against the US dollar reaching 5.5 percent by the end of April, surpassing the 4.2 percent recorded over the same period last year. He noted that such weakness is unusual in an election year.
He urged the government to implement policies aimed at restoring the strength of the cedi and promoting economic stability, “reducing corruption and mismanagement of resources, and investing in key sectors such as production, manufacturing and industrialisation.”
He additionally urged the government to prohibit forex trading, close businesses that price their goods in dollars, cease quoting and awarding contracts in dollars, forbid the opening of foreign currency accounts, and shut down existing foreign currency accounts.
Furthermore, the government must prohibit all hotels, businesses, airlines, landlords, schools, automobile companies, and shipping lines from quoting and charging in foreign currencies.
He further urged the government to prohibit forex trading, close down businesses that price their goods and services in dollars, cease quoting and awarding contracts in dollars, prohibit the opening of foreign currency accounts, and close existing foreign currency accounts.
Furthermore, the government should disallow all hotels, businesses, airlines, landlords, schools, automobile companies, and shipping lines from quoting and charging in foreign currencies.