Kojo Oppong Nkrumah, the Minister of Information, has revealed that the Bank of Ghana is holding a series of consultations with the relevant financial sector stakeholders to come up with measures to halt the cedi’s rapid depreciation.
Speaking at a press briefing Monday, the Ofoase Ayirebi Member of Parliament said that the Economic Management Team, chaired by Vice President Bawumia, would also hold its own series of relevant stakeholder meetings on the issue.
The consultations will end with a cabinet retreat, following which President Akufo-Addo will address the nation on the measures to be taken, Oppong Nkrumah revealed.
“The Bank of Ghana will be meeting the Managing Director of some of the Banks and the heads of the forex bureau association to hold discussions aimed at ensuring that the supply of forex on the market is stabilized and the overpricing is halted so that, those who need forex for business get it without hindrances at the banking halls as against rates on the black market or some other quarters,” he said.
He added “We will also be looking at long-lasting measures to ensure that forex rate is stabilized in the country, even as we expect a lot more inflow of forex following the completion of the syndication of the COCOBOD transaction loan.
“The Economic Management Team (EMT) is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year. On Thursday, Cabinet itself will be meeting to receive what has gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward.”
The cedi has depreciated by 37.5%, 24.1% and 27.5% against the US dollar, the pound, and Euro, respectively in September, the central bank said in its Monetary Policy Report early October 2022.
On the Interbank forex rates from the Bank of Ghana on October 24, 2022, the Ghana Cedi is trading against the dollar at a buying price of 12.5244 and a selling price of 12.5370.
This is compared to Saturday’s trading of a buying price of 12.5823 and a selling price of 12.5949.
At a forex bureau in Accra, the dollar is bought at a rate of 15.05 and sold at a rate of 15.65.
Source: theGhanaianVoice.Com
