A former Executive of the National Democratic Congress (NDC) in the United State of America Gordon Sallas-Mensah has described what others saw as a miracle of Cedi appreciation against the U.S Dollar as an ‘artificial reduction’.
According to the former NDC-US Deputy treasurer, it is abnormal for a country that has not produced anything to speedily appreciate against the dollar from $1 to Ghc15, to $1 to Ghc9 within 10 days.
Mr. Mensah told Ngamegbulam Chidozie Stephen of Apexnewsgh.com during an engagement on a program dubbed: SPEAKOUT UPPER EAST’ on Thursday, December 15, 2022.
He further explained that the ongoing appreciation of Cedi against the dollar was as a result of some pressure on those using the App as a business to send monies across to Ghanaians back home.
“You know these Apps that send money right? Is basically like a bank, you need to deposit a certain amount of money with the bank of Ghana to be able to operate. So, what the NPP will tell you is that, if you want to use your App in our country and make money then, you need to reduce the way you are posting figures on the side of the people sending the money. If you like, go to the bank right now and say you are buying $100millions of dollars and see if you will get it at the rate there. The one I saw days ago was Ghc12.5 but the selling price was Ghc15. If you go back and check, the dollar rate selling and buying, is not more than 0.5% or 1% different and that is why am telling you, this is people are just fake. He explained
He said, “When they do that kind of speculation, those who save some dollars will bring their money and change because they think is losing value. Wait for 2 months, when people start demanding real dollars and you tell them you are selling it at Ghc 15 and you are buying at Ghc10.5”.
He believes, the governing New Patriotic Party are good when it comes to stealing from their own people, “You see, NPP is very smart at stealing their own. They know Ghanaians are traveling to the country because is Christmas and people are going to send their fathers, mothers, brothers, aunties, and uncles money. So, they are reducing the exchange rate, so that they can indirectly steal from us. ‘What they are doing is artificial reduction’ Mr. Mensah stressed
Source: Apexnewsgh.com/Ghana
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