Dr. Solomon Forkuo, lecture of Kumasi Technical University, has expressed concern that the depreciation of the US dollar against the Ghana cedi is negatively affecting businesses in the country, especially importers and traders.
Speaking on the Wontumi Morning Show hosted by Oheneba Nana Asiedu, Dr. Solomon Forkuo explained that businesses that import goods into Ghana are struggling because the current exchange rate has increased their overall costs. He claimed these are realities the National Democratic Congress (NDC) government is unwilling to openly discuss.
According to him, foreign traders from countries such as Niger and Nigeria, who previously came to Ghana to purchase crops, have now stopped doing so. He explained that due to the depreciated dollar, these buyers can no longer purchase large quantities of crops in Ghana, forcing them to turn to other countries instead. This situation, he said, has resulted in excess stock within the system because there are fewer buyers.
Dr. Forkuo further argued that the government’s continuous effort to force the dollar down is harming businessmen. He stated that while the NDC, when in opposition, claimed to have better solutions for managing the economy, the current situation proves otherwise.
He also criticized the appointment of Mr. Randy Abbey as Chief Executive Officer of COCOBOD, describing it as a “big mistake” and alleging that he lacks adequate knowledge of the sector.
Emphasizing the need for strategic leadership, Dr. Forkuo noted that stabilizing the currency requires careful consideration of its wider economic impact. He argued that if simply reducing the dollar rate was the solution, former President Nana Addo Dankwa Akufo-Addo and former Vice President Dr. Mahamudu Bawumia would have done so without difficulty.
He pointed out that during the previous NPP administration, when the dollar was around GH¢14, cocoa purchases from farmers were still possible. However, under the current NDC administration, despite the dollar falling to about GH¢10, cocoa purchasing has become challenging, a situation he described as worrying.