The Asantehene, Otumfuo Osei Tutu II, has urged the Bank of Ghana (BoG) to take every necessary step to stabilize the forex market.
In a speech read on his behalf at the 19th Ashanti Business Excellence awards by Sewuahene, Nana Kwaku Sarkodie expressed worry over the depreciation of the local currency against other foreign trading currencies.
The Asantehene urged the central bank to implement measures to bring predictability to Ghana’s export and import trade, as well as other international financial transactions.
“I will like to make reference to the unsettling turbulence which has characterised Ghana’s foreign currency market, Since the beginning of the year, there has been an astronomical depreciation of the cedi against Ghana’s major foreign currencies, particularly the US dollar.
“I have no doubt that the Bank of Ghana is doing its best to remedy the situation, but I must urge the central bank to urgently take all the requisite steps within its competence to return the foreign market to stability, in order to bring predictability to Ghana`s export and import trade, as well as other international financial transactions. “
The cedi ended last week with a marginal appreciation, but the cedi has depreciated again to GHC14.20 to one dollar which is the average quote by the forex bureaus.
Source: theGhanaianvoice.com