Ghanaian civil engineer and politician, Kwabena Agyei Agyapong, says he trusts vice president, Dr. Mahamudu Bawumia to restore discipline to the forex system and better Ghana’s economy if he comes to power.
“You can’t be holding dollars in this country.. it’s not legal tender and if we don’t impose the order, this will not stop but I know that Dr. Bawumia has this in mind. In politics, we don’t put every information or plan out there because some may not win you votes but I am very confident that he will restore some level of discipline in the forex management in this country”, he said.
Kwabena Agyapong was hosted by Kwami Sefa-Kayi in an interview on Peace FM, where he made this assertion amidst talks on dollarization. He cautioned that it is wrong to price or sell items in dollars here in Ghana as that is one of the major causes of the country’s current economic struggle.
“If you sell or give something in dollars, it is wrong whether it is from government or whoever but you can peg it to the dollar by giving the cedi equivalent at a particular time. It is important that as a country, we have confidence in our currency”, he urged.
Kwabena instanced, “When people go to church and pay offertory, some churches convert it into dollars and save. Every Sunday, we pay offertory so there is exceeding pressure on the cedi that is not linked to the economy. In fact, some people come from Nigeria to buy dollars from here because our whole regulatory system of the forex regime is weak”.
He educated that forex bureaus are supposed to be licensed and hooked on a platform with the Central Bank, who should at all times be informed about every transaction and why it is being transacted.
The NPP-affiliated politician noted that the government must make sure that there is enforcement and discipline regarding rules of foreign currency transactions, and expressed his trust in Bawumia to do as he has suggested and restore some level of discipline in Ghana’s forex management.
