President Nana Addo Dankwa Akufo-Addo stays up at night consumed with finding a way to fix Ghana’s ailing economy, Ghanaian lawyer and Executive Director of the Danquah Institute, Gabby Asare Otchere-Darko, has said.
Gabby made the revelation in a post shared on social media tackling the concerns of Ghanaians over the stalling economy.
According to him, he is optimistic that government would eventually fix the issue due to the seriousness with which it is being tackled.
“Yes, indeed, Ghana is in crisis. And the struggle is bitingly real. Most countries are in crisis now though levels may differ. What matters most is how we come out of it. It is what keeps our President up beyond midnight. And, I remain an incurably stubborn optimist (based on knowledge) that Nana Akufo-Addo and his team will lead us to come out of this even stronger. Keep faith!” he said.
Gabby Octhere-Darko has insistently backed the Akufo-Addo government amidst a depreciating cedi, rising inflation and cost of living.
A few days ago, the lawyer pinpointed a reason that in his estimation is fuelling the depreciation of the cedi.
According to him, numerous traders in Ghana buy up all the dollar stock in the system and hoard, creating a shortage which they then exploit by hiking up their prices.
The short dollar supply raises the exchange rate and leads to the continued depreciation of the cedi.
Addressing the depreciation crisis, Gabby Otchere-Darko shared a video of a classic business tactic of buying up a competitor’s supply and then raising prices when demand far outstrips supply.
The Wall Street Journal shared the video on Twitter which Gabby reposted.
“This is what some foreign exchange traders in Accra are suspected to be doing. You suck up fx from other market players, which allows you to create artificial shortages in certain quarters and then hike up prices,” the senior partner at the Africa Legal Associates law firm wrote.
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