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A Financial Analyst, Emmanuel Kwarteng Aning has said the lack of governmental control on the country’s forex sector contributed largely to the former Sanitation Minister, Cecilia Abena Dapaah’s ability to hoard huge amounts of foreign currencies in her residence.
Madam Abena Dapaah resigned as Sanitation Minister after she was hounded on social media over millions of dollars she kept in her room which was later stolen by her house helps.
The money and personal effects belonging to the minister including assorted clothes valued at GH¢95,000, handbags, perfumes, and jewellery worth US$95,000 were allegedly stolen by 18-year-old Patience Botwe and 30-year-old Sarah Agyei.
The two house helps who were working for the Minister and her husband, Daniel Osei Kuffour are currently standing trial.
Commenting on this story on Angel Morning Show hosted by Okatakyie Afrifa-Mensah on Monday, Financial Analyst, Emmanuel Kwarteng Aning, said the hoarding of foreign currencies by private individuals is only possible in countries where governmental control of the forex market is low.
“It is only in Ghana that someone can go to the streets and change dollars and other foreign currencies and hoard them in your room…this never happens in any serious country…,” he opined.
According to him, persons who seek to change money into foreign currencies are required to provide certain details but this does not happen in Ghana.
He further listed easy access to forex in the country as one of the bedrocks of the country’s economic crisis.
“Easy access to forex is one of the major causes of the economic woes of this country…it really shows the lack of control that government has over the economy…,” he said.
