The Vice President of the Ghana Union of Traders Association (GUTA), Clement Boateng, has urged the government and relevant agencies to take decisive action against certain companies in Ghana charging in dollars instead of cedis.
He emphasized that enforcing the law against these companies or individuals would will stabilise the local currency.
Mr Boateng pointed out that, individuals deliberately purchase dollars and hold onto them until the cedi depreciates so that can sell for profit.
He said this practice has negative implications for the country’s currency, as in certain countries, they don’t spend any other currency apart from theirs.
“In Ghana, we are all aware that our national currency is the cedi. However, there are certain companies and individuals in our country who choose to charge for their services in dollars. This practice stems from their anticipation that the cedi will eventually depreciate.
“By holding onto dollars, they aim to maximize their profits when exchanging currency. They believe that converting these dollars back to cedis will yield substantial gains. The government punish these companies, hotels, schools and others to fight the challenge,” Mr Boateng told Adom News.
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