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Cedi depreciation: The dollar is not a 'god' — NPP's Paul Amaning tells Ghanaians

A Communications team member of the New Patriotic Party (NPP), Paul Amaning has advised Ghanaians to stop worshiping the dollar as if it is a 'god'.

Cedi and dollar

Speaking on the current inflation rate on Movement TV, he stated that if Ghanaians do not have confidence in the dollar, inflation will continue to rise.

He said "I took the dollar to South Africa but I could not use it to do transactions because the people rejected it- they wanted their local currency. Sadly, the dollar determines a person's wealth in Ghana.

"People are still trading in dollars when the law says no one should trade in it. If we don't have confidence in our money, no third person can have confidence in it. The foreigners have realized we like the dollar more than our gold, so they print dollars for us in exchange for gold."

"Previously the Ghanaian government had the power to reserve 30% of the gold that is mined in the country, but with the coming of the International Monitory Funds (IMF) and other international programs, these agreements have been canceled. The gold we produce annually is more than the 3 billion we are requesting from IMF," he added.

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"The Nana Addo-led administration's decision for Ghanaians to have the sole right to own our gold will end the dollarization if the action is taken seriously. The foreigners downgrade our properties for their currencies, and that puts pressure on the cedi," he indicated.

He advised the media to pay attention is increasing education on government intervention to reduce inflation.

The Ghanaian cedi has dropped by a whopping 47.10% against the US dollar since the start of the year.

Since January, the cedi has rapidly depreciated against the US dollar, making it the world's second-worst performing currency.

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The business community in the country has blamed the government for the low patronage of their products for its failure in stabilizing the Ghanaian cedi against the major trading currencies.

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