Editorial
Cedi depreciation: How significant are the arrests?
Dear Editor,
I read in the news recently how officials of the Bank of Ghana (BoG) and security operatives descended on some illegal forex traders in Accra.
Report indicated that over 70 individuals and entities engaged in the business of buying and selling foreign exchange without licence from (BoG) were arrested. Areas such as the Rawlings Park, Makola, and Tudu in the Central Business District of Accra were ‘raided.’
The law enforcers and the BoG indicated that the ‘black market dealers’ were contributing to the rapid depreciation of the Cedi to the dollar and major foreign currencies, therefore, the operation was part of ‘strategies’ to sanitise the foreign exchange market.
Seeing pictures of some of the ‘illegal operators’ in handcuffs, I wondered if those who led the exercise were honest in explaining the exact motive of the arrests.
For me, it all amounts to window dressing of the exact causes of the Cedi depreciation, which stares at us all. If, indeed, illegal forex traders were contributing to a fall in the Cedi, why wait until September 2022, to arrest these people who have been operating since Adam?
Again, I wonder how long it would take to arrest all the people trading on the black market for the fragile Cedi, to compete favourably with other currencies.
The arrests would yield an insignificant result, even if it is considered one of the solutions. Our leaders should admit that their foot is no longer on the pedal when it comes to managing the economy, and that politicising cedi depreciation and other economic situations solve nothing.
George Ofori Nkoom,
Larteh-Akwapim, E/R
Editorial
Merits and demerits of scraping betting tax
Dear Editor,
Over the past years, a lot of concerns have been raised about the rise of sports betting companies in the country, their operations, and how it impacted negatively on the youth of the country.
I have also witnessed how some of the youth go to the extent of borrowing money from friends or use companies’ money to stake bets, which they were not guaranteed of winning.
Due to this, I was happy when the previous government introduced the betting tax, as I felt it would deter the youth from engaging in it.
However, some Ghanaians hold the view that the betting tax would help create employment.
It wasn’t surprising to see the excitement that greeted the announcement of the scrapping of the tax by the Finance Minister.
My worry now is how, as a country, the youth can be discouraged from engaging in betting.
I believe that as the betting tax has been scrapped, it is about time that the government finds ways of addressing the issue of betting among the youth as it is becoming more serious than before.
I believe that there should be a multi-stakeholder engagement between the various stakeholders to proffer solutions to address them.
Editorial
Rail crossing point at circle- Kaneshie road needs attention
Dear Editor,
I read with happiness a letter published in the previous edition about the poor state of the rail crossing stretch of the Circle-Kaneshie road.
I totally agree with the concerns raised by the writer and I wish to add my voice to the call on the authorities to quickly work on that stretch of the road.
What the writer left out was the occasional happenings when vehicles break down on the rail line. I have witnessed that before.
It is not a comfortable thing driving on it at all. It is a huge dent on the beauty the interchange was expected to bring to the area.
The traffic it creates is a major inconvenience to people who are rushing to work.
I wish to appeal to the authorities to quickly do something about that portion of the road to make it convenient for drivers. Thank you for the space.
Maxwell Amamoo,
Odorkor
