Politics

Highlights of measures taken to stabilize the cedi by Akufo-Addo

President Nana Addo Dankwa Akufo-Addo, on October 30, addressed the nation on some measures taken to control the cedi’s depreciation.

During his address, he outlined some major steps that have been taken following his stakeholder engagement with major industry players in the country.

With regard to the fall of the cedi, he blamed the activities of speculators and the black market for the worsening cedi depreciation caused by low foreign exchange inflows.

Here are some of the measures taken as delivered by President Nana Addo Dankwa Akufo-Addo

1. Enhanced supervisory action by the Bank of Ghana in the forex bureau markets and the black market to flush out illegal operators, as well as ensuring that those permitted to operate legally abide by the market rules. Already some forex bureaus have had their licenses revoked, and this exercise will continue until complete order is restored in the sector;

2. Fresh inflows of dollars are providing liquidity to the foreign exchange market and addressing the pipeline demand;

3. The Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilized manner till the IMF Programme kicks in and the financing assurances expected from other partners also come in;

4. Government is working with the Bank of Ghana and the oil-producing and mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange earned from operations in Ghana is initially paid to banks domiciled in Ghana to help boost the domestic foreign exchange market; and

5. The Bank of Ghana will enhance its gold purchase programme.

Source: Ghanaweb

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