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    Deadline for debt exchange program moved to February 7 with new terms

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    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

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    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

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    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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BoG to review forex rules next week – Governor

bycitibusinessnews
August 2, 2014
in Banking And Finance, Business, Local Economy, Top Stories
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The Bank of Ghana is expected to review further, the controversial forex rules next week August 4 – 9, 48 days after the last reviewed date.

This will be the third review since the bank was introduced the measures five months ago.

The cedi has depreciated nonetheless more than 27% against the dollar and other major foreign currencies for the first half of the year, despite the introduction of the measure to help halt its free fall.

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Ghanaians and some analysts including Kwamena Essilfie Adjaye Nana Otuo Acheampong, have been pressurizingthe Bank of Ghana to scrap the forex rules because they have failed to stop the depreciation.

According to Kwamena Essilfie Adjaye , “any measures, any policies, any actions that do not address the supply constraint, the supply inadequacy (foreign currencies) will not give us the effect of arresting the cedi’s decline against other currencies.”

However, per the revision on June 13, customers can make large transactions over the counter provided they prompt their banks a couple of days before the withdrawal, and they can only withdraw up to 1,000 Ghana cedis over the counter without prompting their banks.

According to the governor of the Bank of Ghana Dr. Henry Kofi Wampah, the review was as result of monitoring of the impact of the measures by the bank.

He also warned speculating against the cedi because, the bank was taking measures to halt the depreciation.

We are taking measures that will stabilize the cedi within this period (second half of 2014),” he added.

This comes a few days after a former deputy governor of the Bank of Ghana, Dr. Mahamadu Bawumia, predicted a further depreciation of the cedi against major trading currencies.

 

By: Evans Effah/citifmonline.com/Ghana

 

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