The Bank of Ghana has stated that it is working collaboratively with mining companies, international oil companies, and their bankers to purchase all foreign exchange resulting from the voluntary repatriation of mining and oil and gas company export proceeds in order to increase the supply of foreign exchange to the economy.
According to BoG, this move it believes will strengthen the Central Bank’s foreign exchange auctions, and consequently the cedi.
This comes after a recent currency performance ranking by Bloomberg classified the Cedi as the worst-performing currency across the globe after Sri Lanka’s Rupee.
Bloomberg tracked the performance of 150 currencies in the world and the Cedi placed last but one in terms of performance since the beginning of the year.
In less than 8 months, the Cedi has come under intense exchange rate pressure due to its continuous depreciation in relation to some major international currencies such as the Dollar, Pound and Euro.
As a result of these happenings, PM Express tonight assessed BoG's measures to deal with the slump.
Guests who joined the conversation were; Economist at the University of Ghana Business School, Prof Lord Mensah, Dean of University of Cape Coast Business School, Prof John Gatsi, Banking Consultant, Nana Otuo Acheampong and Former Deputy Finance Minister, George Kweku Ricketts-Hagan.
Latest Stories
-
Akufo-Addo to unveil Otumfuo commemorative stamp
7 mins -
EduSpots distributes over 100 tablets and laptops to 30 community-led education spaces
23 mins -
Taxation is driving away investors – FABAG General Secretary
41 mins -
Effutu MP commissions office for Hepatitis B; absorbs cost of testing, vaccination and management
59 mins -
Bawumia pushes for land digitisation to tackle land guard menace
1 hour -
Faith-based institutions are instrumental in national development – Bawumia
1 hour -
Upholding the Integrity of Presidential Promises: A call to Ghanaian leaders
1 hour -
I don’t start ‘beefs’; I only reply – Strongman refutes claims
1 hour -
Vice President Bawumia promises reforms to turn Ghana’s fortunes around
2 hours -
REGSEC warns encroachers along Tema-Sakumono Ramsar site as it races to prevent flooding
2 hours -
Kumasi International Airport to be commissioned ahead of time – Transport Ministry
2 hours -
Vomit your loot now or hold onto it and face the consequences – Asiedu Nketiah to Akufo-Addo, NPP
2 hours -
Democracy is going to reverse in West Africa if we don’t tackle economic hardships – Atuguba
3 hours -
Bawumia commissions 124 housing units for victims of Appiatse disaster
3 hours -
Stonebwoy’s The Livingstone Foundation surprises talented autistic boy with gifts
3 hours