Calls to devalue cedi needless - BoG

The Governor of the Bank of Ghana, Henry Kofi Wampah has rubbished calls for the devaluation of the Ghana cedi.

This follows earlier calls by the CEO of Dalex Finance, Ken Thompson for the Cedi to be devalued.

Vice President, Kwesi Amissah Arthur last year also revived the debate on the issue, when he advised West African countries to consider devaluing their currencies to ensure stability and speed up plans to form the single currency zone.

Some financial analysts have argued that the devaluation of the cedi may protect the local industry.

But Addressing journalists after a meeting of the monetary policy committee, Dr. Henry Kofi Wampah said the calls are unjustified.

"There is no really no need to do a discreet devaluation...because the currency adjusts as and when the conditions change," Dr. Wampah said.

Meanwhile, renowned economist, Kwame Pianim has also described as valueless any attempts to devalue the cedi.

According to him, this will make no impact on the country's current state of affairs.