'Stabilize the Ghana Cedi' - Otumfuo urges BoG

The Asantehene, Otumfuo Osei Tutu II, has appealed to the Bank of Ghana to take necessary steps to stabilize the forex market.

In a speech read on his behalf at the 19th Ashanti Business Excellence Awards by Sewuahene, Nana Kwaku Sarkodie, the Asantehene expressed worry over the depreciation of the local currency against other foreign trading currencies.

He 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 characterized 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 the central bank 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”, he said.

The cedi ended last week with a marginal appreciation, but the cedi has depreciated again to GH¢14.20 to one dollar which is the average quote by the forex bureaus. According to the Bank of Ghana, however, the local currency is selling at GH¢13.014 on the interbank market. The cedi is also going for GH¢15.60 and GH¢13.60 to one pound and one euro respectively.

The free fall of the cedi coupled with the recent economic crisis in the country has triggered calls for immediate measures to be implemented by the government to resolve the situation.

President Akufo Addo in his address on Sunday, October 30, announced some measures the government intends to put in place to address the fall of the cedi and the current economic crisis.