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    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

    Govt strikes deal with Insurance Association on debt exchange programme

    We must invest in crucial infrastructure to accelerate AfCFTA’s success– Bawumia to African Leaders

    NCCE Chairperson pays courtesy call on BoG Governor

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Accra never sleeps, neither does The Cosmopolitan …The Cosmopolitan now runs 24/7 [ARTICLE]

    Tax on agro inputs a threat to agribusiness and food security – Analysts

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    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

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

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    EIU analysts forecast grim economic outlook for Africa in 2023

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Wampah warns again: Don’t bet on cedis’ fall

bycitibusinessnews
August 1, 2014
in Banking And Finance, Business, Top Stories
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Governor of the Bank of Ghana (BoG) has cautioned Ghanaians who are predicting a further depreciation of the cedi to note that plans are far advanced to address the situation.

Speaking to journalists after participating in a meeting of the Presidential Advisory Committee of the economy on Thursday, Dr. Kofi Wampah explained that moves are underway to halt the free fall of the cedi.

A lot of Ghanaians including the 2012 vice presidential candidate, Dr. Mahamudu Bawumia has predicted a further decline of the cedi against the dollar if the current conditions prevail.

But Dr. Wampah says the decline will end soon and warned persons who continue to  bet on the cedi to be careful .

“Those speculating against the cedi should be careful because we are taking measures that will stabilize the cedi within this period,” he added.

This is the second time in two weeks that Dr. Wampah has issued this warning to the general public.

In an earlier interview, he attributed the continuous depreciation of the cedi to speculative activities by industry players.

He said the cedi is consistently depreciating against major foreign currencies because “people keep talking it down…talking down the cedi makes it even more likely to reach the bad levels that we[Ghanaians] already think it is.”

The cedi has depreciated by 27% against other major trading currencies since the beginning of the year.

Measures were introduced by the central bank in February to stop the rapid depreciation but the cedi continues to fall.

The BoG boss in the media interview stressed that the central bank is looking into a further revision of the Forex rules, which were instituted in February 2014.

He pledged that the situation will continuously be monitored to stabilize the cedi to relieve the stress on businesses.

 

By: Efua Idan Osam/citifmonline.com/Ghana
Follow @osamidan

 

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