Market

Cedi depreciation: Kayayei, civil servants buy dollars with their pay – GUTA

Dollars

President of Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has disclosed that many Ghanaians, including head potters and civil servants, buy dollars and keep them for the future.

He indicated that these head potters, popularly known as kayayei exchange their Cedi earned from their daily services for dollars awaiting a fall of the cedi to resell them.

These dollars bought by Ghanaians, Dr Obeng said, can be attributed to the frequent depreciation of the local currency against major currencies.

Speaking on Peace FM’s Ade Akye Abia on Monday, he said, “It got to a time that kayayei after working in a day change their wages into dollars.”

“This happened at the time that a pastor asked Ghanaians to pray for the dollar…It got to a time that Ghanaians didn’t have faith in the Cedi. Civil servants also purchased dollars with their pay,” the GUTA President stated.

The local currency – Cedi – has in the past week witnessed a decline in value against major trading currencies, Pounds Sterling, US Dollars and Euros.

The Cedi is currently trading against the dollar at a buying price of GH¢9.55 pesewas and selling at GH¢9.77pesewas.

Against the Pounds Sterling, the Cedi is bought at GH¢11.35 and sold at GH¢11.70.

Meanwhile, the Bank of Ghana (BoG), on the other hand, has entreated Ghanaians to remain calm as it implements pragmatic measures to resolve the cedi depreciation against major trading currencies, especially the US Dollar.

CLICK HERE TO DOWNLOAD PRESS RADIO MOBILE  APP

As part of the measures, the central bank said it was increasing foreign currency (FX) supplies to banks in the short term to help meet growing FX demands for external payments.

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button