Most Churches Causing Cedi Depreciation —Rev. Opuni

Ordained Minister of the Presbyterian Church of Ghana (PCG) and a Lecturer at the Kwame Nkrumah University of Science and Technology (KNUST) Kumasi, Rev. Dr Kwabena Opuni-Frimpong in an interview on Peace FM has said churches in the country must be blamed for the constant fall of the cedi against major trading currencies.

Rev. Opuni responding to an earlier comment by Dr. Frimpong in an interview with Odame Agyare on "On Point show," he said analysis of the cedi shows that the currency depreciates marginally as a result of churches that usually convert the local currency to the dollar.

Rev. Opuni said churches operating in Ghana with headquarters based abroad convert their offertories and tithes into dollars before transferring them via forex accounts which badly threatens the cedi against the dollar.

"Many churches in Ghana do not have their head offices here. So their collections, offerings, and tithes are changed into dollars and transferred into forex accounts, some even put the money in car tyres before sending them, there should be a check on activities of some churches," he intimated.

The local currency is still struggling to stabilise against the major international currencies with the US dollar, currently selling at GH¢5.86 to a $1.