BoG moves to stem cedi depreciation and inflation

October 24, 2022
BoG moves to stem cedi depreciation and inflation

The Bank of Ghana (BoG) will in the coming days hold series of meetings with the leadership of universal banks and Forex Bureau Associations in the country in a move meant to stop growing inflationary pressures and contain the fall in the value of the Ghana cedi.

Minister for Information, Kojo Oppong Nkrumah who made this known during an interview with journalists in Accra on Monday, October 24, 2022, said the series of high-profile meetings will provide the Central Bank with an opportunity to sanitize and at the same time streamline the supply of forex in the country.

“This week, as we are coming to the end of the third quarter period going into the final quarter of the year fully, tomorrow morning for example the Central Bank which is Bank of Ghana will be meeting with the managing directors of some of the banks and heads of the forex bureau association for a series of discussions aimed at ensuring that the supply of forex onto the forex market is stabilized.

“This will ensure that the overpricing of forex is halted and people who need access to forex for legitimate transactions get same without hindrances in the banking halls and at the forex bureaus as against on the black market and some rates coming from some other quarters. We will also be looking at longer lasting measures to ensure that forex trade is stabilized in the country even as we expect inflow of a lot more forex following the completion of the syndication of the COCOBOD transaction,” he said.

He said this is to ensure that forex is made available to traders who need it for legitimate transactions without resorting to the black market where it is sold at exorbitant prices.

EMT and Cabinet meetings to follow

The Minister also disclosed that BoG’s meeting will feed into an Economic Management Team (EMT) meeting and a cabinet retreat later in the week. He said key on the agenda for both meetings will also be Ghana’s ongoing negotiations with the International Monetary Fund (IMF).

This, he said will help government take stock of its major economic policies and what more can be done to cushion Ghanaians from the global economic turmoil and set the economy back to full throttle.

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