The APC flagbearer Dr Hassan Ayariga calls for the immediate closure of dollar accounts and other forex accounts as a measure to address the cedi depreciation. The outspoken politician suggests these drastic measures in a short interview with Oyerepa TV. He said it was free advice to the government and Ghanaians. Mr Ayariga passionately explained how the cartel of the forex market is manipulating the dollar and other currencies against the cedi to the detriment of the economy. He outline these measures as the easy way to strengthen the cedi and the economy if he is was the President of Ghana.
He started ‘ what is the value of the Cedi today? Let me advise Bawumia, free advice if they don’t know how to manage the cedi. He continued ‘If you want to break the dollar and make the cedi appreciate, do very simple things. First of all, let’s band all dollar accounts in this country. No Bank should open a dollar, pounds accounts or any forex account in this country’. The Interviewer interjected, is this possible? Mr Ayariga responded with a question ‘do we have cedi accounts in Germany or the US? he stated that ‘we are not serious’ and ‘we have deserted our own and building on somebody’s currency.
Other measures he proposed to solve the weakening of the cedi include:
- He further advises that Ghanaians should stop selling and quotation of properties in dollars, pounds and euros. He insists government should cancel it.
- Stop importing products and paying dollar cash, let the banks do it. Go there buy your products and the banks will transfer your money to your accounts.
- Close down all forex bureaus in this country.
- Close down all black markets no foreign currencies will be traded in my country. Nobody will trade in the black market
Mr Ayariga explains that the forex bureaus are a big problem. He alludes that the forex bureau regulates itself, even though, supposedly, BOG regulates them. They decide the values of the currencies before BoG adopt them. Thus, they hold on to the dollar causing scarcity of the dollar and thereby increasing the price of the dollar.
He accused the staff of BoG of being behind the forex market. He said; The people at the Bank of Ghana are corrupt. Who gives the forex bureaus and black market the dollars? He questioned. Do they import dollars from the US?
He was asked about the forex bureau license and unemployment from the closure of these businesses. Dr Ayariga said, I will close those licenses because it is not helping our cedi. He added, ‘you don’t think about two people against the majority of the people. These are the reasons why Ayariga calls for the immediate closure of all dollar accounts.
There is a lot of speculation that some of these measures will be adopted to salvage the falling cedi. The speculations became wild after the President, H E Nana Addo, met the owners and board of the forex bureaus in Ghana. The President expressed worry about their activities that spills into the black market and hit the cedi so hard. He tasked them to support with pragmatic steps to resolve the issues and at least stabilize the cedi.
