Dr. Joshnon Asiamah, the newly sworn-in Governor of the Bank of Ghana (BoG), has made it clear that his top priority is to preserve exchange rate stability and limit excessive volatility in the rates. Apexnewsgh reports
Speaking after his swearing-in ceremony on Tuesday, February 25, Dr. Asiamah emphasized that the days of currency speculation and exchange rate instability must come to an end.
To achieve this goal, the Bank of Ghana under Dr. Asiamah’s leadership will focus on creating a well-functioning and stable foreign exchange market to support economic activity. Some of the strategic interventions planned include:
Enacting a New Foreign Exchange Law: Replacing the Foreign Exchange Act 2006 (Act 723) to improve forex management.
Targeted Market Operations: Eliminating leakages of forex and improving reserves management.
Deepening Participation in PAPSS: Allowing Ghanaian businesses to trade across Africa using local currencies instead of the US dollar.
Reforming the Remittance Space: Collaborating with Fintech and remittance agencies to harness remittances as a major source of FX.
Introducing Structured and Transparent Systems: Ensuring fair pricing and fair distribution in the forex market.
Leveraging Gold Reserves: Supporting the Ghana cedi by leveraging gold reserves and strategic foreign assets more effectively.
Reforming the Domestic Gold Purchase Programme: Improving efficiency, enhancing reserve accumulation, and increasing transparency in gold transactions.
These measures aim to build a more resilient foreign exchange market that inspires confidence among investors and businesses. Dr. Asiamah also emphasized the importance of maintaining the Bank of Ghana’s independence while engaging constructively with the government and key stakeholders.
He further highlighted his priority to boost financial inclusion and innovation, promoting inclusive economic growth, reducing poverty, empowering individuals, and ensuring the stability and competitiveness of the financial system.
He noted that Ghana is well-poised to become a regional hub for financial technology and digital assets, and this transformation agenda will be pursued with appropriate safeguards and policies to ensure financial stability.
Source: Apexnewsgh.com
