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
