Former Chief Executive Officer of UT Bank, Prince Kofi Amoabeng, on January 10, 2023, blamed the depreciation of the local currency - Cedi - on the corruption of politicians.
Former UT Bank Chief Executive Officer, Prince Kofi Amoabeng, has blamed the cedi's constant depreciation on corruption and political activities.
He stated that politicians are the cause of the rapid depreciation of the cedi as they allegedly hoard the dollars for their personal benefits.
The Ghana cedi depreciated by over 60% in 2022 before gaining some strength in December.
However, it is currently selling at GH¢12.20 as of January 10, 2023.
“One thing that causes big demand for dollars is corruption. All the money they are making and stealing is not in cedis but in dollars. They must change dollars. So, they hide it under their beds, and when they get the opportunity, they put it outside,” he is quoted by myjoyonline.com.
Prince Amoabeng also added that corruption is a contributor to Ghana’s depreciation while poking holes in Ghana’s taste for foreign goods and increasing inflation.
“Ghana's exchange rate regime is a pathetic one. The so-called politicians are the ones hoarding the dollars, but it’s seen out there as if they are not the cause of all this. Corruption is part of our problem, and we need to work on it."
“The importation of goods is too much. So, we need to make bold decisions that stop all of this. We owe so if that’s the case then it’s fine, but we have to work on some areas of the economy for sustainable growth,” he added.
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Former CEO of UT Bank, Prince Amoabeng