Kennedy Agyapong, a member of parliament for Assin Central, claims he has suffered significant financial losses as a result of the depreciation of the Cedi but is powerless to voice his displeasure.
In response to the Ghana Union of Traders’ Association’s decision to close several stores, Mr. Agyapong made this known on Oman FM (GUTA).
He claims that because he is in a similar circumstance, he can relate to the traders’ struggle.
Even I have actually suffered financial losses as a result of the depreciation, but I’m unable to speak since you know. He commented during the Oman FM phone-in.
As of Friday, October 21, 2022, the Ghana cedi is trading at Gh15.65 to one US dollar due to recent depreciation versus the US dollar.
The cedi has lost value relative to the most valuable currency in the world by around 141% in nominal terms.
The local currency has lost value relative to the dollar by almost 55% in real terms.
Despite the pound and euro’s struggles to compete with the US dollar, the cedi also lost considerable ground to them.