Cedi Depreciation: Cabinet, EMT, Banks And Forex Bureaus To Hold Crunch Meeting – Oppong Nkrumah

• Vice President Dr Bawumia, the Economic Management Team, the Bank of Ghana as well as some relevant stakeholders are expected to hold a crunch meeting over the rapid depreciation of the cedi
• The meeting is expected to fashion out ways to halt the rapid fall of the Ghanaian cedi, which is inching close to the 15 cedi mark against the dollar
• Information Minister Kojo Oppong Nkrumah, who announced this at a media briefing, expressed optimism that the current economic crisis will be a thing of the past

The government has announced the engagement of relevant stakeholders in the country’s banking and finance space as it moves to halt the rapid depreciation of the Ghanaian cedi.

Effective tomorrow, Tuesday, October 25, 2022, the engagements will see the Governor of the Bank of Ghana, Dr Ernest Addision, hold a meeting with all CEOs of commercial banks and forex bureaus across the country to address the issue.

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Also, the Economic Management Team (EMT) led by Vice President Dr Mahamudu Bawumia and the cabinet are expected to hold a crunch meeting over the free fall of the local currency.

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Speaking to the media on Monday, October 24, 2022, Minister of Information Kojo Oppong Nkrumah said the meeting would also discuss other matters arising from the country’s engagements with the International Monetary Fund (IMF) for an economic bailout.

“We will also be looking at long-lasting measures to ensure that forex rate is stabilized in the country, even as we expect a lot more inflow of forex following the completion of the syndication of the COCOBOD transaction loan.”

Current Economic Crisis Will Be Over Soon - Oppong Nkrumah

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Mr Oppong Nkrumah also announced plans being put in place to halt the continuous depreciation of the Ghana cedi and expressed optimism that the current economic crisis will be a thing of the past.

The cedi is currently inching the GH¢15 mark to the US dollar, a situation many say is affecting businesses and compounding their economic woes.

Since the beginning of the year, the cedi has lost close to 50 per cent of its value culminating in Bloomberg ranking it as the worst-performing currency worldwide.

Government officials are, however, certain that inflows from the $750 million Afrexim bank facility and the $1.3 billion cocoa syndicated loan will help stem the tide in the interim measure as the negotiations with the IMF for a $3 billion bailout progress steadily.

Professor Hanke: US Economics Professor Says Bawumia Is The One Creating Ghana’s Economic Problems

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Earlier, YEN.com.gh reported that a US-based professor of applied economics Steve Hanke had accused Dr Bawumia of being behind the country's current economic problems.

Although the John Hopkins University professor did not detail how Dr Bawumia was doing this, he tweeted that the vice president's desire to help solve problems won't happen.

Source: YEN.com.gh