BoG dumps cedi devaluation proposals

BoG dumps cedi devaluation proposals

The Governor of the Bank of Ghana, Henry Kofi Wampah has rubbished calls for the devaluation of the Ghana cedi.

According to the governor "there is no really no need to do a discreet devaluation...because the currency adjusts as and when the conditions change”.

Dr. Wampah made the comment while addressing journalists at a monetary policy committee meeting.

Some financial analysts including the CEO of Dalex Finance, Ken Thompson  have called for the Cedi to be devalued.Thompson argued that the devaluation of the cedi may protect the local industry.

Meanwhile, renowned economist, Kwame Pianim has also described as valueless any attempts to devalue the cedi.

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“I don’t see the benefit of devaluation for a commodity-based economy, which is not manufacturing,” Mr. Pianim said.

"Devaluation" means official lowering of the value of a country's currency within a fixed exchange rate system, by which the monetary authority formally sets a new fixed rate with respect to a foreign reference currency.

 

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