Weak fundamentals: Ken Agyapong stated, “I lost roughly $12 million as a result of cedi devaluation.”

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Assin Central MP Kennedy Ohene Agyapong has stated that between March and August 2022, he lost roughly $12 million due to the cedi’s fall against the dollar.

Weak fundamentals: Ken Agyapong stated, "I lost roughly $12 million as a result of cedi devaluation."
Weak fundamentals: Ken Agyapong stated, “I lost roughly $12 million as a result of cedi devaluation.”

He claims that the vice president has no new message for Ghanaians after criticising the John Dramani Mahama administration in 2014 and saying that “if the foundations are weak, the exchange rate will expose you.”

Agyapong said that when Dr. Bawumia made those remarks, the exchange rate was GH4.20p to a dollar. He was addressing to select party members as part of his campaign for flagbearership of the ruling New Patriotic Party (NPP).

Since then, the cedi has lost value relative to the dollar, falling from GH4 to a staggering GH15, according to him.

“The exchange rate will reveal you if your fundamentals are poor. The exchange was GH 4.20p at the time you made that comment. It was Gh15.00 to a dollar on Friday.

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