BoG meets with bank and forex bureau heads over Cedi depreciation

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He also announced some steps taken by the government to tackle the Cedi at a press conference in Accra on Monday October 24.

The meeting is also part of efforts by the New Patriotic Party (NPP) government to halt the overpricing taking place in Accra.

The Bank of Ghana will be meeting the 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,” he said.

He added “We will also be looking at long-lasting measures to ensure that forex rate is stabilized in the country, even as we expect a lot more inflow of forex following the completion of the syndication of the COCOBOD transaction loan.

“The Economic Management Team (EMT) is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year.

“On Thursday, Cabinet itself 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,” he stated.

Meanwhile, a US-based associate professor of finance, Professor William Peprah, is calling for redenomination of the Ghana cedi.

According to him, this will cause financial psychology, economic and behavioural change on the part of currency dealers in rushing to buy the dollar as a store of value.

He told Joy News in an interview.

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