The Majority leader in Parliament, Alexander Afenyo-Markin has advised the Ghanaian business community not to rush in changing their cedi to the US dollars.

Addressing the media in Parliament, the lawmaker described negative comments on Ghana’s economy as “unreasonable.”

“If a politician who does not understand business comes out just for politics, the market will respond. It is a result of, I wouldn’t say reckless but unreasonable comments. That seems to be affecting the business environment,” Mr. Afenyo-Markin stated.  

He narrated that the dollar went up as high as GHC15.5 2022 but through the hard work of the then Minister of Finance it came down to as low as GHC8.00.

He further advised the Ghanaian business community not to respond to pessimism being preached around and confident that things will change better for Ghana’s cedi.

“I would have to urge businessmen not to change their cedi into the dollar. Because the rate would be coming down. When it happened in 2022 a lot of people lost money. Because people who were responding to the pessimism of the NDC at that time that the Ghanaian economy was collapsing and there was no future for the economy. And rushed to change their dollar at the rate of 14 and 15 Ghana cedi.

“When the dollar rate dropped to 8 Ghana cedi, here we were they had lost huge sums of money. So I would encourage Ghanaian businessmen individually not to rush to respond to the pessimism. They should be optimistic,” the MP advised.   

He further added that buying treasury bills is better than buying the US dollar since the government is working assiduously to bring the cedi to dollar rate down.

Source: Ghana/