Cedi depreciation has made me lose so much money but I can’t talk — Ken Agyapong
2024 Presidential hopeful of the New Patriotic Party NPP, Kennedy Ohene Agyapong has said the depreciation of the Cedi has caused him a lot of financial losses but he is now unable to complain.
Mr. Agyapong who is known to say it as it is was expressing his views on Oman FM regarding the closure of shops by the Ghana Union of Traders’ Association GUTA.
Mr. Agaypong said he has lost a lot of money due to the depreciation of the Cedi and he understands the plight of the traders.
“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 Ghana cedi continues its free fall, losing value more than thrice within a 48 hour window to sell at Gh¢15.65 to one US dollar as at 5pm, Friday 21st October, 2022.
It began the day two days ago at Gh¢14.55 to the US Dollar but declined in value according to quotations by the forex bureau Afriswap at Osu.
In nominal terms, the cedi has lost about 141% value to the world’s most important currency.
In real terms, the local currency has depreciated by about 55% to the dollar.
The cedi also lost more grounds to the pound and euro, despite the two currencies struggling to compete with the US dollar.
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.