The Governor of the Central Bank and Economic Management will meet with currency bureau operators on October 25 to discuss the depreciation of the Cedi, according to Information Minister Kojo Oppong-Nkrumah.
The value of the local currency has been steadily declining, trading at around 15 Ghana cedis to the dollar.
The currency has surpassed the Sri Lanka Rupee to become the worst-performing currency in the world when compared to the US Dollar, according to Bloomberg.
The meeting, according to a Citi News report, aims to ensure that overpricing on the FX market is stopped as well as concerns over supply to stability.
“The Bank of Ghana will be meeting the Managing Director of some of the Banks and the heads of the forex bureau association to hold discussions aimed at ensuring that the supply of forex on the market is stabilized and the overpricing is halted so that, those who need forex for business get it without hindrances at the banking halls as against rates on the black market or some other quarters,” the Information Minister said.
He added that the Cabinet along with the Economic Management Team will hold similar engagements over the persistent decline of the currency which has impacted businesses and economic activity.
“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.
“The Economic Management Team is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year. On Thursday, Cabinet itself will be meeting to receive what has gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward,” Oppong-Nkrumah explained.
Meanwhile, the International Monetary Fund has said Ghana must show proof that its debt levels are sustainable before it can approve an economic support programme for the country.
According to Director of the IMF Africa Department, Abebe Aemro Selassie, Ghana needs to also present an economic reform plan before an agreement can be reached.
Ghana is targeting $3 billion from the IMF once an agreement can be reached with the financial support expected to address the country’s macro-economic stability and among others.