The chairman of the Ghana Federation of Traders, Mr. Eric Kwaku Boateng, has urged the government to compel its appointees to release the large amounts of dollars they are allegedly hoarding to stabilize the Cedi against the Dollar. 

Speaking in an interview on Accra 100.5 FM’s evening news on Monday, May 27, 2024, Mr. Boateng highlighted the issue of dollar hoarding by government officials.

Mr. Boateng claimed that many current appointees are hoarding dollars, similar to the actions of a former Minister for Sanitation. 

He emphasized the need for immediate action to pressure these individuals to release their hoarded dollars to prevent further depreciation of the Cedi. 

He also accused some ministers of colluding with bank managers to facilitate this hoarding and noted that some are even paying for mortgages abroad in dollars.

He pointed out that these unpatriotic activities have significantly pressured the Cedi, causing it to depreciate. 

Mr. Boateng warned that if the government does not take steps to reduce the rate of depreciation to GHS 10, the federation’s members might take to the streets in protest.

He expressed concern over the hardships traders face due to the Cedi's depreciation and called on the government to take immediate action. 

He also appealed to business owners affected by the depreciation to join the Federation of Traders in a strong demonstration against the government if drastic measures are not implemented within the next two weeks