The Finance Ministry last Friday inaugurated a committee to look into the causes of the depreciation of the cedi and propose solutions to the problem.
The establishment of the committee, named the FX Developments Committee, is in fulfilment of a promise made by the ministry last year to constitute a bi-partisan committee to look into the problem and help address it.
Inaugurating the committee, Deputy Finance Minister, Charles Adu Boahen said the committee will work to complement the efforts of the Bank of Ghana in curtailing the usual poor performance of the cedi against other major foreign currencies.
“The formation of this committee is not to infringe on the independence of the central bank in its foreign exchange operations,” he said.
The Deputy Minister explained that the committee will also review the current forex regime, identify the inherent constraints in the system and offer workable alternatives by way of policies and programmes which potentially would reduce FX risks in the economy.
“The committee is also to critically look at the role of automation and digitization as a critical enabler of FX reforms,” he stated.
The cedi last year depreciated by more than 12.7 percent, the worst performance since 2015 when the cedi depreciated by more than 14.6 percent.
The committee is chaired by Ken Ofori-Atta, Finance Minister with other members coming from multiple institutions.
Below is the full list of members on the 38-member committee.
|Ken Ofori-Atta||Minister||Finance Ministry|
|Owusu Afriyie-Akoto||Minister||Ministry of Agric|
|Alan Kyerematen||Minister||Trade and Industry Ministry|
|Dr. Maxwell Opoku-Afari||First Deputy Governor||Bank of Ghana|
|Dr. Samuel Nii Noi Ashong||Senior Policy Advisor||Ministry of Finance|
|Dr. Yaw Anum||Senior Technical Advisor||Ministry of Finance|
|Evron Hughes||Technical Economic Advisor||Office of the Vice President|
|Benjamin Komla Kpodo||Ho Central MP||Parliament|
|Patrick Nomo||Chief Director||Ministry of Finance|
|Samuel Arkhurst||Director, Tertiary and Debt Management||MoF|
|Sampson Akligoh||Director, Financial Services Division||MoF|
|Alhassan Iddrissu||Director, Economic Strategy and Research||MoF|
|Steve Opata||Head of Financial Markets||BoG|
|Kwasi Kwaning Bosompem||Ag. Controller and Accountant General||CAGD|
|Joseph Boahen Aidoo||CEO||Cocobod|
|Afua Asabea Asare||CEO||Ghana Export Promotion Authority|
|Yofi Grant||CEO||Ghana Investment Promotion Centre|
|Addae Antwi Boasiako||CEO||Minerals Commission|
|K. Duker||Senior Advisor||MoF|
|Senyo Hosi||CEO||Chamber of Bulk Oil Distributors|
|Franklin Cudjoe||President||IMANI Ghana|
|Abena Osei-Poku||Managing Director||Barclays Bank Ghana|
|Kobla Nyaletey||Director, Head of Global Markets||Barclays Bank Ghana|
|Adoteye Anum||Head, Financial Markets||Standard Chartered Bank|
|Kojo Bannerman||Executive Director, Financial Market Sales||Standard Chartered Bank|
|Theophilus Arthur-Mensah||Policy and Research Analyst||Association of Ghana Industries|
|Dr. Joseph Obeng||President||Ghana Union of Traders Association|
|John Nyaaba||Treasurer||Ghana Association of Bankers|
|Samuel Aidoo||Treasurer||Fidelity Bank|
|Maame Efua-Bulley||Head, Global Market Sales||Stanbic Bank|
|Felix Hamidu||Executive Director||D’afrique Ltd|
|A representative||Forex Bureaux Association of Ghana|
|Bash Mohammed Abdul Razak||Principal Economic Advisor||Ghana Extractive Industries|
|Franklin Eleblu||Chief Software Architect||Ghana Fintech Chamber|
|Nkechi Akunyili||Country Treasurer, UBA||Nigerian Banks in Ghana|
|A representative||Makola Traders Association|