Kojo Oppong Nkrumah, the Minister of information, has said that the Bank of Ghana and the government have initiated a series of consultations aimed at curbing the rapid depreciation of the Ghana cedi.
In September, the Ghana cedi depreciated by 37.5% against the US dollar, 24.1% against the pound and 27.5% against the euro, respectively, says the central bank in its Monetary Policy Report, published early October 2022.
Nkrumah said that the consultations began today (Monday 24 October 2022) with the Bank of Ghana meeting with heads of banking institutions and forex bureau operators.
He noted that, for the government’s part, the Economic Management Team, chaired by Vice-President Mahamudu Bawumia, will also hold a series of meetings and receive a briefing from the Bank of Ghana after its engagement with banks and forex bureau operators.
The Information Minister said that the government’s consultations will end with a cabinet retreat. President Nana Akufo-Addo, he said, will then address the nation on the measures taken by his government to address the hardship in the country.
Listen to Kojo Oppong Nkrumah briefing the press on Monday:
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