Cedi woes show BoG has no dollar reserves – Isaac Adongo

MP for Bolgatanga Central Constituency, Isaac Adongo, has clapped back at the Bank of Ghana after over he calls “cooked reserves.”

Ghana’s cedi has been on a depreciation spree since the beginning of this year. As of Friday, March 10, 2022, the dollar was selling at GH¢7.65.

This according to the business community is a cause for worry as imports have become expensive.

Also, the Cedi’s depreciation is a major factor contributing to the hike in prices.

Meanwhile, the government stated that the Bank of Ghana had dollar reserves that could secure imports for the next four months.

But Isaac Adongo disagrees, saying the Central Bank does not have enough to last even up to a month.

In a social media post sighted by GhanaWeb, the MP wrote, “You said you have so much foreign exchange reserves at the Bank of Ghana to cover 4 months of imports. The woes of the cedi shows you don’t even have enough for one month. Dollar doesn’t respect cooked reserves.”

Meanwhile, Executive Secretary of the Importers and Exporters Association, Samson Asaki Awingobit in a Citi Business News interview said, “It is likely that we are going to see a further increase in the prices of goods and services because one can no longer maintain a thousand cedis when you change one dollar to 7 cedis 40 pesewas. We need to shore up. We are calling on the government to peg the cedi at 8 cedis for the rest of the year, then this can give relief to the business community, and we can plan other than that it’s going to be difficult.”

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