{"id":1236247,"date":"2022-10-27T13:37:01","date_gmt":"2022-10-27T13:37:01","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/10\/27\/over-reliance-on-monetary-policy-to-fight-inflation-stabilise-cedi-not-working-gncci\/"},"modified":"2022-10-27T13:37:01","modified_gmt":"2022-10-27T13:37:01","slug":"over-reliance-on-monetary-policy-to-fight-inflation-stabilise-cedi-not-working-gncci","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/10\/27\/over-reliance-on-monetary-policy-to-fight-inflation-stabilise-cedi-not-working-gncci\/","title":{"rendered":"Over reliance on monetary policy to fight inflation, stabilise cedi not working – GNCCI"},"content":{"rendered":"

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The Ghana National Chamber of Commerce and Industry (GNCCI) is raising concerns about the excessive reliance on monetary policy by the Bank of Ghana to control inflation and the cedi\u2019s depreciation.<\/p>\n

According to him, the monetary policy tool is not working but rather worsening the economic situation.<\/p>\n

\u201cThere is the need to align the monetary and fiscal policies to address the situation by implementing unorthodox homegrown policies to tackle the ongoing economic crisis\u201d, Clement Osei-Amoako, President of the Chamber disclosed at the 46th Annual General Meeting of the GNCCI in Accra.<\/p>\n

He urged government to work with the multinational companies operating in the offshore Oil and Gas sectors to consider keeping a portion of their dollar revenues (20% \u2013 30%) with local banks for Ghana cedis rather than depositing it in offshore accounts with international banks.<\/p>\n

\u201cThe Chamber proposes to the Government of Ghana to work with the multinational companies operating in our offshore Oil & Gas sectors to consider settling a portion of their dollar revenues (20% \u2013 30%) with local banks for Ghana Cedis rather than in their offshore accounts with international banks\u201d.<\/p>\n

\u201cIn addition, we expect the Bank of Ghana (BoG) to consider a domestic gold purchasing programme, where BoG works with gold mining companies, both local and foreign to purchase a certain percentage (20% \u2013 30%) of the country\u2019s extracted gold directly in Ghana cedis. This measure when properly implemented will shore-up the country\u2019s foreign currency reserve and further strengthen the domestic currency\u201d.\u00a0<\/p>\n

The 46th Annual General Meeting, was on the theme, \u201cGhana\u2019s Cyclical Economic Crisis: Time for Bold Policies to Address the Economic Structure\u201d.<\/p>\n

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The Ghana National Chamber of Commerce and Industry (GNCCI) is raising concerns about the excessive reliance on monetary policy by the Bank of Ghana to control inflation and the cedi\u2019s depreciation. According to him, the monetary policy tool is not working but rather worsening the economic situation. \u201cThere is the need to align the monetary […]<\/p>\n","protected":false},"author":1,"featured_media":1236249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[672,1271,3119,227,6416,587,26904,6166,1225],"class_list":["post-1236247","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-cedi","tag-fight","tag-gncci","tag-inflation","tag-monetary","tag-policy","tag-reliance","tag-stabilise","tag-working"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1236247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1236247"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1236247\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1236247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1236247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1236247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}