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Cedi Depreciation: Some banks in bed with ‘Black Market’ operators – Akua Donkor



Ghanaian politician and presidential candidate for the Ghana Freedom Party (GFP) Madam Akua Donkor is claiming that, the country’s currency  keeps depreciating against the dollar because some banks are in bed with people who deal in the ‘Black Market’

According to her, some workers of the various banks secretly sell out the US Dollar to people on the black market for their own personal interest instead of keeping it in the banks for importers and other investors to get access to the currency at the usual prices to buy.

Speaking on GBC in an interview monitored by Mynewsgh, Madam Akua Donkor claimed that, the activities of such people are the very reason why the US dollar keeps appreciating against the Ghanaian Cedi.

“I blame some of the banks for the cedi depreciation. What happens is that when people come from outside to purchase gold in exchange of our currency after receiving the dollar some of the people (banks)  indeed not every one of them, the wicked ones will connive with forex bureaus who are also known as the black market. They sell the dollar to them and so it becomes scarce and very expensive so whenever you will get to the banks you will not get some to buy. They secretly give it to them and take their share of it”, Akua Donkor said this on GBC in an interview.

“It is something they do with them, by the time you get to the banks for dollars then they will tell there is no dollar”, she added.

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The Ghana Cedi currently according to reports is considered as the poorest performing currency in the whole world selling at $1 to GHC13.40p in the wake of sustained efforts by the Central Bank to stabilize it

READ ALSO  Cedi will depreciate by about 22% in 2023 – UK based Economist Intelligence Unit



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