'Weak fundamentals': 'I lost about $12 million due to cedi depreciation' - Ken Agyapong
Kennedy Ohene Agyapong, Assin Central MP, has indicated that between March and August 2022, he lost about $12 million dollars through the depreciation of the cedi to the dollar.
Read full articleAccording to him, the Vice President has no message again for Ghanaians after he stated in 2014 address lashing out at the John Dramani Mahama government that "if the fundamentals are weak, the exchange rate will expose you."
Agyapong who was speaking to some party members as part of his campaign for flagbearship of the governing New Patriotic Party (NPP), stated that at the time Dr. Bawumia was making those comments, the exchange rate was GH¢4.20p to a dollar.
He said since then, the cedi has depreciated to the dollar from GH¢4 to a whopping GH¢15 as witnessed recently.
"When your fundamentals are weak, the exchange rate will expose you. When you were making that statement, the exchange was GH¢4.20p. On Friday, it was GH¢15.00 to a dollar.
"What message do you want to give to Ghanaians again? Let me tell you; I’m telling you this straight; I’m saying all these things because of [something]…from March this year to August this year, through the exchange rate, I lost $12 million," Kennedy Agyapong said in a viral audio in GhanaWeb's possession.
Kennedy Agyapong is one of the leading figures gunning to replace president Nana Addo Dankwa Akufo-Addo as leader of the NPP going into the 2024 General Elections.
Others rumoured to be interested in becoming flagbearers include Vice President Mahamudu Bawumia, Trade and Industry Minister Alan Kyerematen. The primaries are slated for next year.
PEN/SARA
