According to President Akufo-Addo, actions have been made to bring order back to the foreign exchange markets, and the nation is already beginning to experience a return of calm.
In a speech to the nation on the economy on Sunday night, the President pledged more supervision by the Bank of Ghana in the forex bureau markets and the black market in order to root out illegal operators and make sure those who are legally allowed to operate follow by the market regulations.
He claims that recent dollar infusions are addressing the pipeline need and supplying liquidity to the foreign exchange market.
“The Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilized manner, till the IMF Programme kicks in and the financing assurances expected from other partners also come in,” he added.
According to him, government is working with the Bank of Ghana and the oil producing and mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange earned from operations in Ghana are, initially, paid to banks domiciled in Ghana to help boost the domestic foreign exchange market; and
President Akufo-Addo further said the Bank of Ghana will enhance its gold purchase programme.
“I am confident that these immediate measures designed to change the structure of our balance of payment flows, sanitise the foreign exchange market to ensure that the banks and forex bureaus operate along international best practices, together with strengthened supervision, will go a long way to sanitize our foreign exchange market, and make it more resilient against external vulnerabilities going forward” he said.