Cedi Depreciation: Bog Must Prosecute People Using Dollar As Legal Tender In Ghana – GUTA

The legal tender in Ghana is the local Ghanaian Cedi. However, so many people and institutions have intentionally diverted to the usage of the US Dollar as a transactional currency.

The Ghana Union of Traders Association has condemned this act calling on the Bank of Ghana to start prosecuting individuals and institutions who are fond of this act.

Speaking on Opemsuo Radio with Agudey, the First Vice Chairman of GUTA and Co-Chairman for Abossey Okai Spare parts Dealers, Mr. Clement Boateng emphasized how the usage of the US Dollar has become normal to be used as legal tender in our own country at the expense of the Ghanaian Cedi contributing to the depreciation of the local currency.

According to him, so many institutions and companies have mandatorily made the US Dollar the only transactional currency which is quite unfortunate in our own country. He said the Bank of Ghana must start executing the law in prosecuting such institutions and individuals to serve as a deterrent to others.

Mr. Clement Boateng emphasized that the depreciation of the cedi also amounted to the encouragement of ‘black marketing’ in the system. He said, most bank Managers connive with black market operators to control the circulation and exchange of Dollars in the system which has contributed to degrading the Ghanaian Cedi.

Source: Opemsuo.com/ Effah Mensah William