Let’s do some arithmetic. Let’s say on the 31st of July 2022 you had two bank accounts. One with £10,000 and another with GHC95,000. Essentially they were of the same value because £1 was exchanged for GHC9.50.
Assuming both accounts were left dormant for a month, see what happens. On the 31st of August, £1 was exchanged for £11.70. Meaning, that the pound account is worth GHC117,000 a gain of GHC22,000.
However, in pound terms, the Cedi account is now worth £8,120 a loss of £1,880. Simply put, though you still have GHC95,000 in your account, it’s true value is GHC73,000 in terms of global purchasing power.
Now tell me what patriotic wisdom is there in one holding Cedis or selling the pound. Apart from political myopia how can you justify such a decision. Think of it, which business in Ghana will give a profit of GHC22,000 on capital of GHC95,000 (23.2%) in just a month?
Please show this to those advising you to sell your dollars because we got a loan of US$750 million. Let them justify their reasoning with business examples.
