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Government inaugurates Committee to rescue depreciating cedi

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A Committee to look into the causes of the depreciation of the cedi has been inaugurated in Accra.

The Committee known as the “FX Development Committee” is tasked among others to propose solutions to the problem.

The establishment of the Committee is in fulfilment of a promise made by the Finance Ministry last year (2019) to constitute a bi-partisan committee to look into the depreciation of the Cedi and address it.

The Deputy Finance Minister, Charles Adu Boahen, stated that the FX Development Committee is not usurping the powers of the Central Bank but rather complementing its efforts to curtail the poor performance of the cedi against other major foreign currencies.

The Deputy Minister explained that the Committee will also review the current Forex regime, identify the inherent constraints in the system and offer workable alternatives by way of Policies and Programmes, to reduce Forex risks in the economy.

The cedi last year depreciated by more than 12.7 percent, the worst performance since 2015 when the cedi depreciated by more than 14.6 percent.

Members of the Committee are drawn from the Office of the Vice President, Bank of Ghana, the Agric. Ministry, Ghana Union of Traders Association (GUTA), Association of Ghana Industries (AGI), some Universal Banks among other key stakeholders.

It is chaired by the Finance Minister, Ken Ofori-Atta.

SourceCitinews

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