Former Member of Parliament for Manhyia North Constituency, Collins Owusu Amankwa says, the Bank of Ghana is not doing enough to curb the cedi from depreciating.
He says, the country need a multifaceted approach to dealing with cedi depreciation and the central bank has a key role to play.
According to the former lawmaker, the cedi depreciation cannot be solved with only one measure as has been the case for the country.
He believes the supervisory role of the Central bank is crucial in bring an end to the perennial currency fluctuations.
“We need a multi-faceted approach to strengthen our local currency. The cedi depreciation can’t be solved with just one measure and that includes the supervisory role of the Bank of Ghana. I have a big problem with them”, he said.
Ghana’s economy has come other immense pressure due to the global economic challenges with ripple effects from Covid-19 and recent Ukraine war.
The Ghanaian cedi has over the past months seen sharp depreciation, fueling some unrest at labor and business front.
The country is also having high inflation, threading at 37 percent, a record high impacting cost of living in the country.
The country has turned to the International Monetary fund for assistance, a move the government believe will help bring the unbearable economic situation under control.