President Akufo-Addo

The Alliance for Accountable Governance (AFAG) has called on President Akufo-Addo to reassign Finance Minister, Ken Ofori-Atta and Charles Adu Boahen, if he cannot sack them.

According to the Alliance, the two ministers have failed to curb the continuous depreciation of the Cedi. 

In a press statement issued on Monday, they asked President Akufo-Addo to reassign the two immediately to salvage the situation. 

“The Minister of Finance and the Minister of State at the Ministry, Ken Ofori Atta and Charles Adu Boahen must be reassigned,” they demanded. 

Also, they have asked the President and the government to punish persons engaging in illegal forex trading. 

According to AFAG, these persons are also contributing to the free fall of the Cedi. 

“Some forex restrictions targeted at persons undermining the system need to be introduced, from the central bank through the commercial banks to the unlicensed forex operators,” excerpts of the statement demanded. 

Meanwhile, the Governor of the Bank of Ghana (BoG) will on Tuesday meet managers of banks and operators of forex bureaux to address the depreciation of the cedi.

The meeting is also supposed to fix what the banks say is the overpricing of the dollar on the market.

The local currency has depreciated further to sell at ¢15.20 to one US dollar.

This is about 3.4% depreciation in less than a day, after trading on October 24, at ¢14.70.

Information Minister, Kojo Oppong Nkrumah at an emergency news conference on Monday also outlined plans by the government to respond to the depreciation of the Ghanaian currency.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.