A Banking consultant, Dr Richard Atuahene, has stated that Ghana's Foreign Exchange Act does not restrict people from keeping any specific amount of cash outside of the banking system.

Commenting on reports that a million dollars and 300,000 Euros have allegedly been stolen from the Sanitation Minister, Cecilia Dapaah's residence in Accra, he explained that the law doesn't specifically prohibit such a practice.

“Currently, under the Foreign Exchange Act 206 Act 713, there is no specific area that says that somebody cannot hold that quantum of money,” he said.

Nonetheless, from his viewpoint as a banker, he expressed concern about holding unto such an amount of cash outside of the banking system and its impact on the cedi and the economy.

Two house helps have been arrested for allegedly stealing $1 million, €300,000 and millions of cedis from the Sanitation Minister’s Ablekuma residence.

According to the banking consultant, holding such an amount outside of the banking system affects the whole monetary supply calculation.

“It makes it difficult for whatever the Bank of Ghana is calculating because part of the money is part of the calculation and you cannot capture when you are calculating the inflation and what have you.”

He also said it affects the value of the local currency adding that it has a serious implication on the economy.

“If such quantum of foreign currency is held out, then you can imagine if there are 10 of them, then it means that about $10 million is held in homes and the implication is how did this dollar get there? Either they came under purchase from the market or they got it from somewhere and they kept it and it all affects the depreciation of the currency,” he said.

https://myjoyonline.com/osp-chraj-and-gra-must-all-probe-cecilia-dapaah-over-stolen-money-from-her-residence-vitus-azeem/

An anti-corruption crusader, Vitus Azeem, wants the Sanitation Minister, Cecilia Dapaah fully investigated by the relevant state institutions.

In an interview on Joy FM’s Middaynews on Friday, Mr Azeem said three different investigations should be conducted on the Minister.

First, he wants the Ghana Revenue Authority (GRA), to find out how the stolen monies were made, whether they were obtained from business, gifts or disposal of assets to ensure that taxes were paid on them.

https://myjoyonline.com/how-househelps-blew-millions-stolen-from-cecilia-dapaahs-home/

The anti-corruption crusader also said the Office of the Special Prosecutor should conduct a lifestyle audit.

Again, he requested that the Commission on Human Rights and Administrative Justice (CHRAJ) investigates whether the Minister declared her assets when she became a Minister or not.

“We need to investigate the owners of those monies and properties,” he said.

https://myjoyonline.com/sack-cecilia-dapaah-for-allegedly-stashing-over-1m-in-her-home-ndc-mps-tell-akufo-addo/

Also, some National Democratic Congress (NDC) MPs are asking President Akufo-Addo to immediately sack the Minister.

The Members of Parliament for Bole Bamboi and Kumbungu made the demand.