BoG, EMT, National Security to fight easy dollar access – Osafo Maafo

The government will introduce a new policy guideline to regulate the easy access to foreign currencies especially the United States Dollar in Ghana by the end of April 2019, Senior Minister Yaw Osafo Maafo has said.

This is expected to be part of the measures being contemplated to control the high demand for the US dollar in Ghana, which has contributed to the depreciation of the Ghanaian Cedi.

The former Finance Minister said the Economic Management Team (EMT) has been discussing the issue but a collaborative effort is needed between the EMT, the Bank of Ghana (BoG) and the security agencies to tackle the problem “to put a stop to this illegal business”.

Responding to a question on the issue at an EMT town hall meeting in Accra on Wednesday, 3 April 2019, the Senior Minister said: “By the middle of this month, the Bank of Ghana and the national security agencies will come out with some guidelines so that we take steps to protect our currency”.

He expressed the concern that certain miscreants are in the business of trading foreign currencies against the rules.

“These people are not forex bureaux but they are operating as if there are no rules and regulations in Ghana, and I think, Mr Vice-President, this is wrong, and we should handle this with the National Security so that we apply the rules that all other countries do”.

He pointed out that exchanging foreign currencies in other countries require documentation and was high time Ghanaian implemented such measures.

“In Ghana, it is not so and, therefore, it is not right,” he bemoaned.

The Ghana cedi hit an all-time low recording a rate of GHC5.86 to $1 on 12 March 2019. However, the cedi recorded some marginal appreciation closing at around GHC5.12 against the dollar as of 21 March 2019 after the sale of some $3bn Eurobond by the government.

The cedi depreciated again to GHC5.52 per dollar on 1 April 2019. It made some gains on Wednesday to trade at GHC 5.32 as of 2 p.m.