Don’t rush in buying dollars, cedi will stabilize – Afenyo-Markin tells business community

The Majority Leader in Parliament, Alexander Kwamina Afenyo-Markin, has advised the Ghanaian business community not to rush into changing their cedis to 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 seem to be affecting the business environment,” Afenyo-Markin said.

He narrated that the dollar went up as high as GH¢15.5 in 2022, but through the hard work of the then Minister of Finance, it came down to as low as GH¢8.00.

He further advised the Ghanaian business community not to respond to the pessimism being preached around and is confident that things will change for the better for the Cedi.

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

“When the dollar rate dropped to 8 Ghana cedis, 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 US dollars since the government is working assiduously to bring the cedi-to-dollar rate down.

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