Richard Ahiagbah Blames Cedi Depreciation hugely on FX Market

The Director of Communication of the New Patriotic Party (NPP), Richard Ahigbah has identified the FX market as a major contributor to the incessant and occasional fall of the cedi to other currencies.

According to him, abuses of rules and regulations by bureaux play crucial role in the cedi performance against major currencies on the international market.

He wants the Forex market effectively supervised and managed against some laws it flouts.

“The Bank of Ghana must persistently discharge its regulatory mandate to deal with the flagrant abuses in the FX market that contribute directly to the Cedi’s performance. We are destined to overcome!”

He asserts that the Finance Minister, Hon Mohammed Amin Adam, has done exceptionally well in containing the impact of the dollar as it gains strength.

“Currencies in the SSA Region have been faltering because the DOLLAR has appreciated much of the first quarter of 2024. The Ministry of Finance deserves commendations for containing the impact of an appreciating DOLLAR on the cedi thus far.”

The BoG at the beginning of this week announced some measures it has in place to regulate the FX market.

Among them include the absorption of foreign exchange needs of some corporate institutions to reduce pipeline demand for foreign exchange from the commercial banks; collaborating with the Financial Intelligence Centre to sanitise the foreign exchange market to weed out illegal operators; and monitoring of the foreign exchange bureaux

Source: Opemsuo