The Director of Communications for the New Patriotic Party (NPP), Richard Ahiagbah, has urged the Bank of Ghana (BoG) to take pre-emptive measures to address the challenges facing the country’s currency, the cedi.
In a social media post, Mr. Ahiagbah underscored that the appreciating value of the dollar in the first quarter of 2024 has led to instabilities in currencies across the Sub-Saharan Africa (SSA) region.
However, he applauded the Ministry of Finance for containing the impact of the rising dollar on the Cedi but urged the BoG to take decisive action to stabilize the currency.
“The Bank of Ghana must persistently discharge its regulatory mandate to deal with the flagrant abuses in the FX market that contribute directly to the Cedi’s performance,” Mr. Ahiagbah stated.
He noted that deliberate abuses in the Forex Bureau market contributed to the Cedi’s poor performance.
He admonished the BoG to take immediate action to address these issues and stabilize the currency.
Mr. Ahiagbah also expressed optimism that with concerted efforts, Ghana can overcome the challenges facing its currency. “We are destined to overcome!”
Meanwhile, the BoG has affirmed its commitment to stabilize the Cedi’s exchange rate and has set up a task force to monitor all foreign exchange bureaus to ensure compliance with their regulatory framework.
Currencies in the SSA Region have been faltering because the DOLLAR has appreciated much of the first quarter of 2024. The Ministry of Finance deserves commendations for containing the impact of an appreciating DOLLAR on the cedi thus far.
The Bank of Ghana must persistently…
— Richard Ahiagbah (@RAahiagbah) May 27, 2024
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