General News of Friday, 29 March 2019Source: Starrfmonline.comChurches contributing to Cedi depreciation – GovernmentThe cedi recently hit an all-time low recording a rate of GHS5.86 to a $1Depreciation of Ghana’s local currency – Cedi – can partly be blamed on Churches operating in Ghana with headquarters based outside the country, a senior technical economic advisor to the vice president said. Dr. Samuel Kwadwo Frimpong observed most of these foreign Churches convert their offertories and tithes into dollars before transferring them into forex accounts. He said a careful analysis of the Cedi indicates that between Monday and Tuesday the currency depreciates marginally linking it to Churches changing the local currency to Dollars. “Recently, we have studied and noticed that on Mondays and Tuesdays the rate at which the Cedi is changed into Dollars rises. Ghana’s local currency recently hit an all-time low recording a rate of GHS5.86 to a $1.

Source: GhanaWeb March 29, 2019 08:10 UTC