Controversial political commentator Gabby Otchere Asare Darko, a staunch member of the ruling New Patriotic Party (NPP) has blamed forex traders in Ghana for the depreciation of the Cedi against the dollar.
According to him, forex traders intentionally stock the Cedi after purchasing it at a lower price and then selling it at an exorbitant price.
Gabby stated in a tweet seen by Modernghana News on Monday, August 23, that the cedi’s poor performance is due to the nefarious activities by some forex traders.
“This is what some foreign exchange traders in Accra are suspected to be doing. You suck up fx from other market players, which allows you to create artificial shortages in certain quarters and then hike up prices,” he stated.
The Cedi is currently trading at GHS10 to the dollar. Bloomberg ranks the local currency second worst, trailing the Sri Lankan Rupee in the world.
The Ghana Union of Traders Association (GUTA) has proposed that the Chinese Yuan be approved as the foreign exchange for the country by Bank of Ghana (BoG).