Local Business

Finance Minister Accuses Manufacturers Of Fueling Dollarization

Story Highlights
  • Adam warned that the government may take action
  • He emphasized the negative consequences
  • The AGI pledged to investigate the matter

Finance Minister Dr. Mohammed Amin Adam has accused some local manufacturing companies of contributing to the instability of the Ghanaian cedi through dollarization.

The minister claims that these companies are hoarding foreign exchange, rather than using cedis, which is exacerbating the country’s economic challenges.

He warned that the government may take action against these businesses if they do not change their practices.

Dr. Adam cited examples of companies holding significant amounts of dollars, which he believes directly impacts the cedi’s exchange rate.

He emphasized the negative consequences of such behavior on the Ghanaian economy.

The Association of Ghana Industries (AGI) responded to the allegations by stating that it will not tolerate such practices among its members.

The AGI pledged to investigate the matter and take appropriate action against any company found to be engaging in dollarization.

Both the government and the AGI agreed on the need to address the issue to stabilize the Ghanaian economy.

Related Articles