Cedi Depreciation: BoG’s forex measures have not worked

The Association of Ghana Industries (AGI) has called for "drastic" measures to turn Ghana’s economy around, after expressing worry at which the local currency is depreciating.

President of the Association James Asare-Adjei told TV3’s Kweku Temeng on Wednesday that confidence level among captains of business has dropped to one of the lowest in recent years.

Mr Asare-Adjei was speaking on the sidelines of the launch of the business barometer for the first quarter of 2014.

He explained that between the time the Bank of Ghana introduced measures to arrest the Cedi’s fall and now, no significant change has occurred.

“[This] presupposes that the measures have not so far worked in the interest of business operators,” he stated.

‘It is worrying’

He said the situation is getting out of hand as general confidence in doing business in the country has fallen to its lowest in four years.

Mr Asare-Adjei recalled that the last time confidence went that low was between April and June in 2010. It was at 90 per cent.

“As we speak, the base level is 90.13 [per cent] and it is worrying.”

He called for “drastic” measures that will rekindle the confidence of business people in Ghana’s economy “so that we all will be able in our small way to support in making Ghana a very competitive and first choice for business operations.”