The Bank of Ghana (BoG) in a bid to save the cedi from further depreciation against some major foreign trading currencies, especially the US Dollar, introduced new stringent measures a couple of months ago.
The new foreign exchange measures were met with a huge public outcry from the business community.
But addressing participants at the ongoing National Economic Forum at Akosombo, President John Dramani Mahama disclosed that the measures introduced by the BoG will be reviewed to address the unintended ‘flaws’.
According to him, the measures were instituted to serve the best interest of Ghanaians saying, “Government was aware of the concerns raised by various quarters of the population about the effects of these measures by the Central Bank…as a government, we believe that the actions taken by the bank were in the best medium to long interest of the country.”
He also added that the review will “address the unintended implementation flaws and allay whatever fears and anxieties the public in general and the investor community have expressed about the measures.”
Speaking to the issue on ‘Kokrokoo’, the Central Regional Communication Director of the National Democratic Congress (NDC), Allotey Jacobs, lauded President Mahama for the decision. He said told Kwami Sefa-Kayi that: “the dollar keeps going up…the dollar is behaving like a Rastafarian singing reggae and so it is good that the President will be reviewing these measures….”