The Supreme Court of Ghana has dismissed a case where a private legal practitioner, Dr John Ephraim Baiden, was asking the court to order the Bank of Ghana (BoG) to introduce measures to stabilise the cedi.
According to a seven-member panel of the highest court of the land, they lack the monetary policy capabilities to grant the reliefs of the applicant.
Dr Baiden who filed the case in July 2014 when the cedi was depreciating rapidly said he has lost wealth through foreign exchange rate losses and wants the court to direct BoG to provide a stable currency.
Before Dr Baiden filed the case in 2014, the Cedi had depreciated by about 40% against the dollar and other major currencies, a situation which forced traders to increase prices of goods and services, thus increasing the cost of living for Ghanaians.
Dr. Baiden, however, argued that the situation got out of hand because Bank of Ghana failed in its duties to stabilise the Ghanaian currency.
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