As part of the government’s efforts to halt speculation and stabilize the foreign currency market, the Bank of Ghana has begun a series of discussions with the heads of universal banks and the forex bureau.
This will ensure clarity on supply channels, availability and adequacies of forex for traders who legitimately need it for transactions, as opposed to those who resort to speculation in buying and hoarding.
The Minister of Information, Kojo Oppong Nkrumah, disclosed this at a media briefing in Accra yesterday to update the media on efforts the government was making to address the economic challenges, the key among them being how to stabilize prices in the foreign exchange market.
“The government is also looking at some of the longer lasting measures to ensure that the forex trade is stabilized in this country even as we expect a lot more of forex inflow following the completion of the syndication of the Ghana Cocoa Board transaction,” he stated.
According to Mr Oppong Nkrumah, later this week, the Economic Management Team (EMT), would be meeting to discuss the latest numbers that have been put together and make some recommendations as the year ends.
“And then from Thursday, cabinet will be meeting chaired by President to receive what has gone through the EMT, also to receive updates from the IMF negotiations so that some decisions can be made, and subsequently, he can then update the nation on the next step forward,” he added.
Patience Anaadem, ISD
