Akufo-Addo inaugurates committee to investigate depreciation of the Ghana Cedi

Akufo-Addo inaugurates committee to investigate depreciation of the Ghana Cedi

The government of Ghana through the Finance Ministry has set up a FX Development Committee, to investigate the fall of the local currency.

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The committee is also expected to propose solutions to the free fall of the Ghana Cedi after the investigations.

The committee which is chaired by Finance Minister Ken Ofori-Atta has membership drawn from the Office of the Vice President, Bank of Ghana, Agriculture Ministry, Ghana Union of Traders Association (GUTA), Association of Ghana Industries, some universal banks among other key stakeholders.

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Addressing the press at the inauguration of the committee on Friday, January 17, 2020, a deputy Finance Minister, Charles Adu Boahen, said the committee is not taking over the work of the Bank of Ghana far as the management of the cedi is concerned.

He opined that “the formation of this committee is not to infringe on the independence of the central bank in its foreign exchange operations.”

He stated that, the work of the committee is to complement the efforts of the central bank in curtailing the usual poor performance of the cedi against its foreign counterparts.

The committee is also to critically look at the role of automation and digitization as a critical enabler of FX reforms,” he stated.

In 2019, Ghana’s Finance Minister, Ken Ofori-Atta indicated that the government was going to establish a bi-partisan committee to investigate.

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The Cedi depreciated by more than 12.7% in 2019, the worst since 2015 (when the cedi depreciated by 14.6%).

Meanwhile, a Ghanaian Professor based in the US, Kwaku Asare, has described the government’ decision to set up a committee to investigate the depreciation of the local currency as “unbelievable”.

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YEN.com.gh earlier reported that Ghana’s telecommunications giant MTN has been hit with a massive network challenge which has resulted in subscribers being unable to access the internet and make international calls.

The problem which started on Thursday, January 16, 2020, saw many Ghanaians complaining on social media.

While some complained of not being able to purchase data using MTN Mobile Money, others said their MTN internet can only access YouTube and WhatsApp.

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Source: YEN.com.gh

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