Economic Experts and Micro-Policy Advisors from the West African Sub-region have begun a programme to find a solution to challenges associated with the exchange rate systems practiced in the sub-region.

The move is to support Central Banks in the ECOWAS region to adopt best practices to reform their current exchange rate regimes and economic policies.

Director of Research and Economic Management at the West African Institute for Financial and Economic Management, Dr. Emmanuel Owusu, speaking to Joy Business on the exchange rate regimes and policies said this is very important for the growth of the economies.

He believes having a reliable exchange rate regime to correspond with the economy is the surest way of ensuring even growth for the sub-region.

Speaking on behalf of the Governor of the Bank of Ghana, Chief Economist and Head of Statistics at the Central Bank, Dr. Christian Ahotor, noted that Ghana’s choice of exchange rate regime is aimed at managing foreign exchange flows and stabilizing the local currency.

“Ghana’s foreign exchange rate regime has evolved over the years, reflecting macroeconomic dynamics and the changing global and domestic economic landscape. Thus, Ghana has moved from a fixed exchange rate regime through periodic devaluations to smoothen volatilities”.

“Essentially, the Bank of Ghana’s foreign exchange rate policy and its associated regulations are aimed at managing foreign exchange flows in Ghana and stabilising the cedi”, he added.

The course is expected to equip participants with deeper knowledge and necessary skills needed for designing, implementing and evaluating exchange rate regimes in the sub region.