BoG Meeting With Banks, Forex Bureaux Over Cedi Fall Takes Off

The Bank of Ghana (BoG) meeting with Managing Directors of Banks and some forex bureaux as part of moves to stabilize the forex market today, Tuesday October 25 has commenced in Accra.

The ongoing meeting also forms part of efforts to halt overpricing.

Information Minister Kojo Oppong Nkrumah announced yesterday October 24, 2022 the steps being taken by the government to tackle the Cedi at a press conference.

According to him, “The Bank of Ghana will be meeting the Managing Director of some of the Banks and the heads of the forex bureau association to hold discussions aimed at ensuring that the supply of forex on the market is stabilized and the overpricing is halted so that, those who need forex for business get it without hindrances at the banking halls as against rates on the black market or some other quarters,” he said.

He continued “We will also be looking at long-lasting measures to ensure that forex rate is stabilized in the country, even as we expect a lot more inflow of forex following the completion of the syndication of the COCOBOD transaction loan.

“The Economic Management Team (EMT) is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year.

“On Thursday, Cabinet itself will be meeting to receive what has gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward.”