Constituency first Vice Chairman of the ruling New Patriotic Party (NPP), in the Okaikwei South, Daniel Nkrumah, has said pricing of goods in foreign currencies must be blamed for depreciation of the cedi.
Speaking to Kwaku Dawuro on Movement In The Morning Show on Wontumi Radio/Movement TV, he said that ”the depreciation of the Ghanaian cedi has now become a perennial crisis. Overtime, we have come to the realization that the depreciation of the currency is structural and not necessarily due to any form of mismanagement of the economy by the government in power. This is mainly because Ghanaians have adopted the habit of trading in foreign currencies in Ghana.”
He went on to say that ”if you look at this country, the reason why the conversation has been centered on the dollar is that most of the citizens are traders and sadly, many of the wares are imported from outside. I was home one day when my daughter came to ask me why everything we use in Ghana is made in China- she asked this because even the pencil she was using was made in China and I didn’t even know what answer to give her.”
“Aboosey Okai, Circle and Kumasi have stalls fully stocked with goods from outside and we buy them using Dollar, so when it becomes scarce then the prices of goods and services begin to skyrocket,” he explained.
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