A member of the Finance committee in Parliament, Dr Mark Asibey Yeboah has accused the Bank of Ghana of failing to enforce the laws that could protect the Cedi from depreciating against other currencies.
The New Juabeng South MP was reacting to a statement from the Central Bank directing corporate bodies, expatriates and individuals to use the Cedi as the only currency for transactions in the country.
The move is expected to control the fast depreciation of the local currency against major international currencies.
Dr. Asibey has told XYZ NEWS that majority of transactions that are put before parliament for approval by state agencies are all quoted in foreign currencies due to the failure of the Central Bank to enforce the law in the past.
“It has always been on our books and if it was not enforced then the bank should take the blame for their regulatory failures.
“These regulations have been there since 2007 and rehashed in 2012”
He added that even state institutions approved projects quoted in US dollars. The ministry of finance is one of the institutions he mentioned.