'Cedi depreciation has made me lose so much money but I can’t talk' - Kennedy Agyapong

Assin Central Member of Parliament, Kennedy Agyapong, has said the depreciation of the Cedi has caused him a lot of financial losses but he is unable to complain. Mr. Agyapong made this known while expressing his views on Oman FM regarding the closure of shops by the Ghana Union of Traders’ Association (GUTA). According to him, he understands the plight of the traders because he finds himself in the same situation. “Even me, I have really lost a lot of money due to the depreciation but I can’t talk because you know..” He said during the phone-in on Oman FM. The Ghana cedi has in recent times depreciated against the US dollar and is selling at Gh¢15.65 to one US dollar as at Friday, October 21, 2022. In nominal terms, the cedi has lost about 141% value to the world’s most important currency. In real terms, the local currency has depreciated by about 55% to the dollar. The cedi also lost more grounds to the pound and euro, despite the two currencies struggling to compete with the US dollar. The Ghana Union of Traders Association closed their shops in protest of the depreciation and some Ghana Revenue Authority measures against them. Mr. Kennedy Agyapong who called for cool heads to prevail in the matter said he sides with the traders.