Measures to halt cedi depreciation: BoG, banks, forex bureaux hold crunch meeting

The Bank of Ghana is scheduled to engage managers of commercial banks and forex bureau operators today as part of measures to halt rapid depreciation of the cedi and also curb the undue speculation on forex rates in the country.

The meeting will also try to identify ways of ensuring seamless distribution of forex as well as ensure that those who really need the forex receive it.

This forms part of a raft of measures being undertaken by the government to deal with the growing concerns over the rapid depreciation of the cedi against the dollar, spiraling inflation and the general high cost of living in the country.

Addressing the media in Accra yesterday, the Minister of Information, Mr Kojo Oppong Nkrumah said apart from the central bank meeting the managers of the banks and operators of forex bureaux, the Economic Management Team (EMT) had been meeting to find out the measures to mitigate the impact on Ghanaians.

He said as part of the meeting, the EMT had been examining the data from the Central Bank, the Statistical Service and other state agencies in order to gain a better understanding of what was happening locally and find lasting solutions to the difficulties.

Mr Nkrumah said besides that, cabinet would be meeting on Thursday to assess all the programmes put in place by the government and to assess them.

These he said would include, briefing from the team which went to Washington for negotiations with the International Monetary Fund (IMF).

Mr Nkrumah explained that the cabinet meeting would properly inform the President, Nana Addo Dankwa Akufo-Addo to address the nation on the current economic challenges and the way forward.

He said the decision by the President for the country to commence negotiations with the IMF was borne out of the fact that, the President anticipated the current situation the country found itself.

The minister noted that government was not oblivious of the hardships in the economy and the suffering most Ghanaians were going through and everything possible was being done to reverse the trend.

He said despite the difficulty of the situation, Ghanaians must understand that the current economic challenges were a global issue.

Mr Nkrumah said the media had a critical role in helping Ghanaians understand the situation in order to restore calm.

He said what was required of all Ghanaians now was calm and collective approach to finding solutions to the challenges.

“I plead with the media to lead the way in restoring calm. We must let Ghanaians know what is happening in other countries like Kenya, Nigeria, Ethiopia and elsewhere and what measures they are taking to deal with their own situation, “he said.

He noted that such approach would help Ghanaians to remain calm as government worked towards addressing the situation.


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