The persistent devaluation of the cedi has been attributed to political and unscrupulous practices by former UT Bank Chief Executive Officer Prince Kofi Amoabeng.

Politicians, he claimed, are to blame for the cedi's rapid devaluation since they are said to be hoarding dollars for their own gain.

Prior to strengthening a bit in December 2022, the Ghana cedi lost approximately 60% of its value.

On January 10, 2023, it is, nevertheless, being sold for GH 12.20.

“One thing that causes big demand for dollars is corruption. All the money they are making and stealing is not in cedis but in dollars. They must change dollars. So, they hide it under their beds, and when they get the opportunity, they put it outside,” he is quoted by myjoyonline.com.

Prince Amoabeng also added that corruption is a contributor to Ghana’s depreciation while poking holes in Ghana’s taste for foreign goods and increasing inflation.

“Ghana's exchange rate regime is a pathetic one. The so-called politicians are the ones hoarding the dollars, but it’s seen out there as if they are not the cause of all this. Corruption is part of our problem, and we need to work on it."

“The importation of goods is too much. So, we need to make bold decisions that stop all of this. We owe so if that’s the case then it’s fine, but we have to work on some areas of the economy for sustainable growth,” he added.