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A similar meeting over the economy was held on Friday where a decision was reached to invite the Governor, Henry Kofi Wampah, to throw more light on his confusing panic measures to arrest the falling Cedi.
The Minister of Information and Media Relations, Mahama Ayariga conceded that there was confusion in the BoG measures in a statement released and signed by himself on Monday
In the statement, he wrote, ‘Cabinet however was concerned about the lack of clarity in some of the directives announced by the Bank of Ghana especially those aspects that affect the operations of foreign currency accounts and their impact on the operations of exporters and businesses in general.’
Mr. Ayariga’s statement went further to fuel criticisms that the central bank’s decision was a knee-jerk reaction to a complex situation.
Indeed, the Mahama cabinet is still left scratching its head about the central bank’s regulations as it awaits a formal clarification from BoG. According to the Information Minister, ‘…the Bank of Ghana has agreed to address any ambiguities in the measures announced and provide more clarity.’
The central bank’s regulations have attracted intense chagrin from individuals and the business community who have suddenly been saddled with the reality of not having access to their hard-earned currency because the directive orders all withdrawals from foreign currency accounts to be converted to Ghanaian Cedis for customers, in a bid to stem ‘dollarization’.
There are impending law suits following the action of the BoG directives as some forex account holders threaten to go to court.
Fitch Ratings, an international credit rating agency, has criticized the directives, saying the central bank’s measures are unlikely to ease pressure on the Cedi.
The agency rather thinks an accelerated fiscal consolidation to address growing domestic macroeconomic imbalances would suffice to ease the pressure on the local currency.
By Raphael Ofori Adeniran
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