Former Deputy Minister of Finance and current Member of Parliament for Cape Coast South, Kweku Ricketts-Hagan, has raised concerns about Cecilia Abena Dapaah’s decision to hold substantial amounts of foreign currency in her residence, labeling it as illegal.
Mr. Ricketts-Hagan believes that such actions are not only illegal but also unpatriotic, especially considering Ghana’s challenging economic situation, where dollars are needed to break free from the debt cycle.
In a candid interview with Umaru Sanda Amadu on Face to Face on Citi TV, the Cape Coast South legislator sarcastically suggested that the government should request its appointees to bring out the money they may be hoarding to help revive the economy.
Cecilia Dapaah defended her actions, stating that holding $1 million in cash at home could create an artificial shortage in the economy. Mr. Ricketts-Hagan echoed this concern, emphasizing that it is troubling to think about how many other individuals might be holding large sums of money outside the formal financial system.
In any case, it is important to note that retaining such significant amounts of money at home is against the law, especially for government officials who should have a valid and compelling reason for doing so. The focus should be on finding legitimate ways to support the country’s economy and not on hoarding cash.
