Ketu South: Gakli Residents Reject Cedi for CFA in Business Transactions
- Gakli residents in Ketu South are no longer using the Cedi as a currency, using the CFA for transactions instead
- The MCE for the area held a presser and warned residents of the area against the rejection of Ghana's currency
- The Gakli community is situated on the Ghana-Togo border and hosts thousands of Togolese nationals
Residents of Gakli, a Ghanaian community on the Ghana-Togo border in Ketu South, have stirred controversy by reportedly refusing to transact business in the cedi, opting instead for the Togolese CFA (Communauté Financière Africaine - also known as the West African CFA franc).
Source: Getty Images
This practice has drawn the ire of the Municipal Chief Executive (MCE) for Ketu South, Nicholas Kwabla Worclachie, who has issued a stern warning to the community.
Ketu South MCE warns residents over cedi
Worclachie recently held a press conference in the Gakli area to address the alleged issue developing in Ketu South.
He expressed his dismay at the community's supposed preference for the CFA and emphasised the importance of adhering to national currency regulations.
“The people there [Gakli] are even rejecting the Ghana Cedi and using the CFA instead. So, I held a press conference in the area and told them to desist from the act. I also warned them that as long as they're on Ghanaian soil, they must fully integrate into the system and use the Ghana Cedi,” he told YEN.com.gh in an interview.
Cross-border trade behind Gakli's cedi rejection
The MCE acknowledged the underlying reasons for the community's currency choice, attributing it to their geographical location and the nature of their economic activities.
Gakli's proximity to Togo and the significant presence of Togolese nationals in the area means that a substantial portion of their transactions are conducted with the CFA.
“They are not rejecting the currency because it's not good, but because they're on the border with Togo and do most of their transactions in the Togolese CFA due to the presence of thousands of Togolese Nationals in the area," he said.
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This situation has highlighted the complex economic realities faced by border communities, where daily life often transcends national boundaries and currencies.
While the MCE's stance underscored the need for national currency integration, the community's actions reflect the practicalities of cross-border trade and social ties.
The issue in Gakli brings to the forefront the broader challenges of currency harmonisation and economic integration within the West African sub-region, particularly in areas where national borders are porous and cross-border interactions are frequent.
Source: Getty Images
Traders reject 20 pesewa coins in Ketu South
Previously, YEN.com.gh reported that Ketu South traders have been increasingly rejecting 20 pesewa coins despite their legal tender status, disrupting transactions and forcing customers to use other denominations or forgo purchases.
This has led to pricing adjustments, with items traditionally costing 20 pesewas now sold at notably higher rates. MEC Worclachie has acknowledged the issue and plans a sensitisation campaign, with potential arrests for traders who are not compliant.
Proofreading by Bruce Douglas, copy editor at YEN.com.gh.
Source: YEN.com.gh
