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Congregation of church in Ghana
The senior technical adviser to the vice president, Samuel Kwadwo Frimpong, partly blamed the depreciation of the cedi to churches operating in Ghana whose head office is located outside the country.
According to him, they observed that most of these foreign churches convert their offerings and their tithes into dollars before transferring them to forex accounts.
According to him, a careful badysis of the Cedi indicates that between Monday and Tuesday, the currency depreciates slightly, which ties it marginally to the churches that convert the local currency into dollars.
According to Starfmonline, Dr. Frimpong told Odame Agyare what she told a freelance journalist during a preview show – "On Point Show".
"Many churches in Ghana do not have their headquarters here. Thus, their collections, their offerings and their tithes are converted into dollars and transferred to forex accounts.
"Recently, we studied and noticed that on Mondays and Tuesdays, the rate of conversion of the Cedi into dollars increases. As a Christian and economist, I think it is also a contributing factor. "
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He was, however, optimistic measures being deployed to strengthen the Cedi against the dollar will yield positive results.
Ghana's local currency has recently reached a historic low, recording a rate of 5.86 GHS per dollar.
Finance Minister Ken Ofori-Atta revealed Thursday in Parliament that the government would establish a bipartite committee to investigate the recent depreciation of the Cedi and propose measures to reduce it.
He added that, despite the depreciation of the cedi, the local currency behaved better compared to the same period in 2012 and 2015.
Ghana News
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