Information Minister, Kojo Oppong Nkrumah, has announced that the Governor of the Bank of Ghana (BoG), Dr Ernest Addison, will be meeting Managing Directors of Banks and heads of forex bureau association as part of government’s efforts to stabilize the forex market.

According to him, government will be looking at long-lasting measures to ensure that forex rate is stabilized in the country.

Speaking at a press conference today, October 24, 2022, Mr Oppong Nkrumah stated that this will be done even as government expects a lot more inflow of forex following the completion of the syndication of the COCOBOD transaction loan.

“The Bank of Ghana will be meeting the Managing Director of some of the Banks and the heads of the forex bureau association to hold discussions aimed at ensuring that the supply of forex on the market is stabilized and the overpricing is halted. So that, those who need forex for business get it without hindrances at the banking halls as against rates on the black market or some other quarters.”
Kojo Oppong Nkrumah

The Information Minister revealed that the Economic Management Team (EMT) is also meeting to appraise itself on some of the recommendations as the nation get closer to the end of the year. He indicated that on Thursday, October 27, 2022, cabinet will be meeting to receive what has “gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward”.

Mr Oppong noted that after all meetings have been held, President Akufo-Addo will then address the nation on measures taken to revive the ailing economy. He explained that the government is strategizing to deal with the speculation around the dollar.

“In the engagement between the central bank and the banks and the forex bureau if indeed one of the things they want to do is to streamline where they can get the knowledge of the specific rates on a daily basis and where all of you can know of the official rates are on a daily basis, it can help in curbing a bit of that speculation.”
Kojo Oppong Nkrumah

Depreciation of the cedi

The plummeting of the cedi against the dollar has been a source of concern not only for investors and businesses but Ghanaians as a whole as it has impacted their cost of operation and living.

A leading member of the ruling New Patriotic Party (NPP), Gabby Asare Otchere-Darko, has however expressed optimism that despite the depreciation of the cedi, it is not worthless.

He noted that there is hope because there is every indication that the new injection of more forex should reduce the influence of black market operators on rates, giving the local currency a necessary relief from next week.

Prior to this, Director of the International Monetary Fund (IMF), Abebe Aemro Selassie, expressed the need for Ghana to show proof that its debt levels are sustainable before approve an economic support programme for the country. He indicated that the country also needed a credible economic reform plan before an agreement for a fund-assisted programme could be reached.