Dr Kofi Wampah
Governor of the Bank of Ghana, Dr Kofi Wampah has warned those predicting a further fall for the cedi to be careful because it won’t happen.
“Those speculating against the cedi should be careful because we are taking measures that will stabilize the cedi within this period,” he said.
He was speaking to the press after participating in a meeting of the Presidential Advisory Committee of the economy.
According to him, plans to address the situation are far advanced.
This is the second time the governor is cautioning those forecasting further doom for the currency.
2012 Vice Presidential candidate for the New Patriotic Party (NPP), Dr Mahamudu Bawumia joined many other Ghanaians who have been predicting a further fall for the currency.
In an earlier interview, Wampah attributed the continuous depreciation of the cedi to speculative activities by industry players.
He said the cedi is consistently depreciating against major foreign currencies because “people keep talking it down…talking down the cedi makes it even more likely to reach the bad levels that we[Ghanaians] already think it is.”
The cedi began depreciating against other major trading currencies in the beginning of the year and even though measures were put in place in February to tackle the situation, the currency has depreciated by about 30%.
The BoG boss in the media interview stressed that the central bank is looking into a further revision of the Forex rules, which were instituted in February 2014.
He pledged that the situation will continuously be monitored to stabilize the cedi to relieve the stress on businesses.