Financial literacy expert, Patrick Baah Abankwah has stated that Ghanaians who are hoarding US dollars are killing the country’s economy to fill their pockets.
Patrick mentioned that some people are intentionally investing in foreign currency in hopes of making an unsustainable profit in a short period. He mentioned that such acts only reduce the value of the Ghanaian cedi which affects the lives of laymen.
In an interview on SVTV Africa, Patrick advised that buying or saving dollars is not the best way to make investment gains because it affects the country economically.
“If you want to build a country to be sustainable, and for prices of things on the market to be lower, then we should not focus on investing in dollars. Even though you are making a profit, the one importing is importing at a higher cost because it has gone up for those who need the dollars to trade.
Things at the market will also go up and you will spend the profit you made to pay for items at a higher price. So don’t use the dollar as a way of making investment gains. it kills the country,” he explained.
The former bank manager explained that importation is not the cause of the constant cedi depreciation. Moreover, Patrick spoke on the recent arrest of over 70 ‘black market’ dealers and the harm they cause.
“I heard one of the dealers say he buys the dollars from the bank and if that is true, it means the problem is within. The ‘black market’ is not a structured system and what happens to them after the arrest? I’m sure they are back on the streets the next day.
The only reason someone will think these people are protected is that when they are arrested, they are back on the streets. So who is backing those people? That’s where the rich people come in. They (dealers) are just the face for the bigger people out there,” Patrick told DJ Nyaami.
Mr. Abankwah further explained that it is normal for the cedi to depreciate because foreign companies in Ghana send profit back to their home countries, and the government also pays loans at the beginning of the year. Also, Ghaianans import more at end of the year.
However, “if the dollar rises at a daily rate, it should tell you someone is fanning it. If the person has an influence, it will keep on rising. I will never advise Ghanaians to change cedis into dollars. You are not helping the country.”
Kindly watch the full interview below;