Cecilia Dapaah scandal: She stashed about $1m in her home to make profit when dollar go up — Basintale

Malik Basintale, the Deputy National Communications Officer of the opposition National Democratic Congress (NDC), has made allegations against former Sanitation Minister Cecilia Abena Dapaah.

During an interview on TV3, Basintale claimed that she kept approximately $1 million in her home to profit from currency depreciation.

He explained that while the stolen amount was valued at around GHC6 million in 2021, it would be worth over GHC 14 million in 2024 due to the currency fluctuations.

The Deputy National Communications officer further alleged that such actions among government appointees were indicative of a broader trend among officials associated with President Akufo-Addo's administration.

He said, “Your appointees are busy making profit from the dollar-cedi ratio. Cecilia Dapaah’s $1 million, if it was under her bed in 2021 it meant that the equivalent of that was around GH6 million.

“If she didn’t touch that, today the equivalent of that is GHC14.6 million. Do you know the profit she has made in three years?”

The allegations come amidst ongoing concerns about the depreciation of the Ghanaian cedi against major international currencies.

Currency analysts and traders have referenced persistent corporate demand and external factors, such as the strengthening US dollar, as contributing to the Cedi's weakened performance.

April 2024 saw a slight decrease in inflation to 25% year-on-year, primarily driven by a reduction in food inflation to 26.8%.

However, analysts anticipate potential inflationary pressures in the coming months, which could further worsen the depreciation of the cedi.

The Ghanaian currency has faced challenges in recent years, ranking among the worst-performing currencies globally.