As the festive season approaches in Ghana, a notable sense of urgency fills the air, particularly among policymakers. The Bank of Ghana (BoG), under the leadership of Governor Dr. Ernest Addison, has set its sights on stabilizing the local currency, the cedi, which has faced significant challenges over the past year. Apexnewsgh reports
With its value dropping by a staggering 24.3% and trading at nearly GHS 17 to the dollar, the BoG’s mission is clear: bolster foreign reserves to curb the ongoing depreciation.
At a recent event marking the launch of “The Concise Law of Banking,” a newly published guide on banking regulations, Dr. Addison outlined the central bank’s strategies in the face of rising economic pressures.
He acknowledged the multitude of challenges confronting the economy, particularly in relation to exchange rates and the financial sector, yet he remained optimistic about the path forward.
“We have $7 billion in foreign exchange reserves,” he stated confidently. While he could theoretically adjust the dollar-cedi rate to GHS 10 overnight, he emphasized that sustainability is paramount. The BoG is committed to managing a delicate balance of various factors to strengthen reserves and regulate the exchange rate effectively.
Dr. Addison shared the central bank’s priorities, which focus on three main areas: strengthening reserves to stabilize the cedi, managing the currency prudently to foster lasting stability, and encouraging investment by creating favorable economic conditions.
His message was a blend of cautious optimism and pragmatic realism, acknowledging that while challenges are real, Ghana is making strides toward progress.
As the year draws to a close, the Bank of Ghana continues to navigate these economic waters with careful management in hopes of not only stabilizing the cedi but also promoting growth for all Ghanaians.
Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
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