Cedi depreciation: BoG Governor to meet bank managers, forex bureaus operators

Governor of the Central Bank, Dr Ernest Addison is expected to hold a number of engagements with the managers of commercial banks and forex bureaus operators in the country. The meeting, which takes place on October 25, is expected to entail discussions centred around addressing the persistent decline of the Cedi against major trading currencies, especially the US dollar. Information Minister Kojo Oppong-Nkrumah on Monday, October 24, announced this as part of strategies government intends to adopt in tackling the depreciation of the Ghana cedi. “The Bank of Ghana will be meeting the Managing Directors of some of the banks and the heads of the Forex Bureau Associations for a series of discussions aimed at ensuring that the supply of forex onto the forex markets is stabilised and the overpricing is also halted and that people who need access to Forex for legitimate transactions can get same without hindrance in the banking halls and other Forex bureaus as against on the black market,” he said. In addition to this, the Economic Management Team, EMT, is expected to meet with Cabinet and subsequently the President from Thursday, October 27 to Sunday, October 29. The meetings will also entail updates on ongoing negotiations with the International Monetary Fund for an economic support programme and other key updates on the general economic situation. Following this, President Akufo-Addo is expected to address the nation on measures taken to address the current economic situations which has significantly impacted all economic indicators. Meanwhile, the woes of the Ghana cedi in the first 10 months of this year continued as it has seen its value decline by over 50 per cent to the US dollar. The situation, according to a recent Bloomberg tracking saw it ranked as the worst-performing currency in the world against the US dollar. At the present, the cedi is selling at GH¢15.50 to US$1 at some forex bureaus in Accra as of October 25 while going for GH¢12.54 on the interbank forex market. The development has since forced many businesses to collapse, culminating in worker agitations, and discontent over government policies, among others. MA/PEN Watch the latest episode of BizTech below: