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BoG takes measures to halt overpricing in forex business

Budget to achieve economic balance - Information Minister
Government’s Kojo Oppong Nkrumah
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The Bank of Ghana (BoG) will be meeting the Managing Directors of some of the Banks and the Heads of the Forex Bureau Association today, October 25, 2022, to hold discussions aimed at ensuring that the supply of forex on the market is stabilized.

In addition, the meeting will come up with measures to ensure that overpricing is halted to enable those who need forex for business to get it without hindrances at the banking halls.

Minister of Information, Kojo Oppong Nkrumah made this known to the media in Accra.

These are part of raft measures Government is working on to help end the continuous depreciation of the Ghana cedi.

BoG takes measures to halt overpricing in forex business

The cedi is currently selling at about 15 to one dollar; a situation many say is affecting businesses.

Meanwhile later in the week the Economic Management Team (EMT) as well as cabinet will also be holding talks over the free fall of the cedi and other matters arising from the country’s engagements with the International Monetary Fund (IMF).

Mr Oppong Nkrumah is hopeful these series of meetings will yield positive results.

In a related development, Chartered Economist, Bernard Oduro Takyi is calling for massive changes in the Economic Management team if government wants to see the economy back on track.

Mr Oduro Takyi on Behind the News likened Ghana’s current economic challenges to that of UK but said UK is getting back on track due to some drastic measures.

He said if government does not follow the UK style and take same decisions, then all the meetings government has lined up to save the economy may not yield any results.

Mr Oduro Takyi proffered some short to medium term solutions government can consider to salvage the economy. Key among the list is to reduce importation.

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