Kennedy Agyapong Reveals How The Cedi Depreciation Has Affected His Finances

Kennedy Ohene Agyapong, a New Patriotic Party NPP presidential candidate in 2024, claims that despite suffering significant financial losses as a result of the Cedi's devaluation, he is now unable to voice his complaints.

Mr Agyapong, who is known for telling it how it is, was discussing his thoughts on the closure of stores by the Ghana Union of Traders' Association (GUTA) on Oman FM.

Mr Agaypong said that he has suffered significant financial losses as a result of the Cedi's devaluation and that he shares the struggle of the merchants.

"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.

As of 5 p.m. on Friday, October 21, 2022, the Ghana cedi was trading at Gh15.65 to one US dollar, having lost value more than three times in just 48 hours.

According to quotes from the currency bureau Afriswap in Osu, it started the day at Gh14.55 to the US Dollar but lost value over the course of the next two days.

The cedi has decreased in value relative to the most valuable currency in the world by around 141% in nominal terms.

The local currency has lost value relative to the dollar by almost 55% in actual terms.

Despite the pound and euro's struggles to compete with the US dollar, the cedi also lost considerable ground to them.

In opposition to the devaluation and various actions taken by the Ghana Revenue Authority against them, the Ghana Union of Traders Association shuttered their stores.

Mr Kennedy Agyapong stated that he supports the merchants and urged for cooler heads to prevail in this situation.