Lawyer and NPP stalwart Andy Appiah Kubi states that Chairman Wontumi could have been a free man by now if it weren’t for a last-minute legal hurdle.
Appiah Kubi disclosed that all bail conditions for the beleaguered Ashanti Regional Chairman have been completely satisfied — including the GH₵50 million amount and the necessary sureties.
He expressed gratitude to Brian Acheampong, who provided the documentation that finalized the arrangement.
“We have the agreement that we are prepared to conclude,” Appiah Kubi mentioned. “But for this application, we would have wrapped things up today. Sadly, we are constrained.”
The legal complication, which seems to stem from an unforeseen third-party application, has delayed the proceedings. The lawyer noted that no additional actions can be taken while the issue is before the court.
“If this application is pending, it will prevent them from moving forward with the negotiations. Otherwise, we must wait,” he continued. “Because during the pendency of this application, none of us can act.”
Despite the setback, Appiah Kubi remains optimistic that by Monday, the legal obstacle will be cleared and Chairman Wontumi will be freed.
From the end of 2024, the cedi has risen from $1 to GH₵14.70, showing an appreciation of nearly 30% in the first five months of this year, and is currently trading at $1 to GH₵10.30. This marks the highest level the cedi has achieved in over two years, representing the most significant appreciation during this time since 2010.
This remarkable trend, which shows no signs of slowing down, has sparked enthusiastic discussions about the possibility of the cedi reaching parity with the dollar, meaning $1 would equal GH₵1.
Even President Mahama has weighed in, saying:”I don’t foresee the currency dropping to a rate of GH₵1 to $1. No, that’s unrealistic. It would devastate our export sector.
Before delving into why a rate of $1 to GH₵1 is both unlikely and harmful to the economy. A stable exchange rate relies on a consistent supply of dollars to satisfy domestic demand. If $1 were to equal GH₵1, it would mean that every Ghanaian with one cedi could acquire one dollar.
However, Ghana does not produce dollars. The main avenues through which dollars flow into the economy include exports, remittances, foreign investments, and any returns on Ghanaian assets that are based in the U.S.
Source: HotFmOnline.com
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