Patrick Baah Amankwah – Financial Planner Speaks on Dollar, Cedi & Business Growth
Patrick Baah Amankwah, a Ghanaian financial and business planner, is a regular guest on SVTV Africa’s Daily Hustle Worldwide Show with DJ Nyaami. In his latest appearance, he shared insights about the recent fluctuations of the dollar and its impact on Ghana’s economy.
According to Patrick, the value of the cedi usually appreciates at the beginning of the year but weakens again towards the festive season due to high import demand. “During Christmas, most people import goods, so the dollar rises. At the start of the year, it drops, but as importers prepare for the next Christmas, it begins to climb again,” he explained.
He emphasized that one of Ghana’s major challenges is compliance with financial laws. The Bank of Ghana has issued warnings against quoting goods and services in dollars locally. “The central bank has made it clear: if you continue pricing in dollars, your license can be revoked, or your business shut down. Domestic businesses should transact in cedis, not dollars,” he said.
Patrick also encouraged individuals and companies to take advantage of safe investment options. “Treasury bills currently offer around 10–13% returns. For people who are afraid of risks, treasury bills are a good option. But for those looking for higher returns, investing in shares is also wise,” he added.
He further explained that companies seeking expansion must adopt the right mindset and strategies. “Business requires action, and both your mind and heart must be aligned. Investors put money into companies either because they see long-term profit or because they believe the business can grow branches and generate income,” Patrick said.
Finally, he called for a shift in how Ghana quotes prices: “Air tickets, retail shopping, hotels, and rents should all be quoted in cedis. Quoting in dollars within Ghana is a mistake we must correct,” he stressed.
Watch The Video Below;
https://www.youtube.com/live/KaUm6UodOgY?si=HO9-qOh5oZIIn6Q4
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