Finance

Don’t rush in buying dollars, cedi will stabilize – Afenyo-Markin tells business community

The Majority Leader in Parliament, Alexander Kwamina Afenyo-Markin, has advised the Ghanaian business community not to rush into changing their cedis to US dollars.

Addressing the media in Parliament, the lawmaker described negative comments on Ghana’s economy as “unreasonable.”

“If a politician who does not understand business comes out just for politics, the market will respond. It is a result of, I wouldn’t say reckless, but unreasonable comments that seem to be affecting the business environment,” Afenyo-Markin said.

He narrated that the dollar went up as high as GH¢15.5 in 2022, but through the hard work of the then Minister of Finance, it came down to as low as GH¢8.00.

He further advised the Ghanaian business community not to respond to the pessimism being preached around and is confident that things will change for the better for the Cedi.

“I would have to urge businessmen not to change their cedis into dollars because the rate will be coming down. When it happened in 2022, a lot of people lost money because they were responding to the pessimism of the NDC at that time, believing that the Ghanaian economy was collapsing and there was no future for the economy, and rushed to change their dollars at the rate of 14 and 15 Ghana cedis.

“When the dollar rate dropped to 8 Ghana cedis, here we were; they had lost huge sums of money. So, I would encourage Ghanaian businessmen individually not to rush to respond to the pessimism. They should be optimistic,” the MP advised.

He further added that buying Treasury bills is better than buying US dollars since the government is working assiduously to bring the cedi-to-dollar rate down.

 

Source: starrfm.com.gh

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.

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