Akufo-Addo government is a catastrophic exchange rate failure – Ken Agyapong

General News of Friday, February 22, 2019

Source: Mynewsgh.com

2019-02-22

Politician and businessman, Kennedy Agyapong is of the opinion that the administration of the New Patriotic Party (NPP), led by Akufo-Addo, has failed miserably to its promise to Ghanaians to manage the exchange rate of the country until the conversion of the US dollar into cedi. are concerned.

Speaking on Ashh Fm based in Kumasi and monitored by MyNewsGh.com, he cited figures corroborating his claim that many businesses suffer under the New Patriotic Party (NPP) administration, mainly because of the depreciation of the cedi against the dollar and other factors. major currencies.

"Let me tell you the truth about the exchange rate, the nuclear plant has completely failed. When we came to power, it was 4.1 GHC or 4.2 GHC for one dollar. In the last few days, Jack has fought in the fight because of the money I pay to my supplier. They got me a contract and the dollar was slightly higher at GH4 at the end of my job. I was paying about 5.35 GHC, which is very, very dangerous, "he said.

While he admits that the current government has put in place a number of interventions aimed at shaping the economy, he stressed the need to do a lot to reduce the exchange rate going up, revealing how he became a victim lately.

"The only consolation is that we have done a lot of things that have shaped the economy. But the truth is that the performance of foreign exchange trading under the current government is very disappointing. I've had a serious fight at the Agricultural Development Bank before coming here … telecom companies every time they make transfers out of the country, we start to suffer, "he said. .

The lawmaker of Assin Central has presented some solutions that the administration of NPP should adopt to combat the continued depreciation of the cedi compared to the other major currencies of the world.

"A solution … .use the South African model. They spend rand when you go to a store with a dollar to buy goods they will not take it. You must go to the Forex Bureau to change it and they will tax it before giving you the rand and paying it. It's not like here where you quote even the rent in dollars. Under the law, no one should use the dollar. If you want to use the dollar, you have to change it and pay taxes to protect the cedi, "he suggested.

He was not charitable with the Customs Excise and Preventive Service (CEPS) of the Ghana Revenue Authority for introducing certain policies that added to the burden on importers as a result of high exchange rates.

"Another policy that customs fails is that the government gives you a contract quoted in cedis. When importing goods into the country, quote the rights in dollars then convert them into cedis. They kill businessmen and companies, "he said.