THE NEWLY appointed Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has committed to taking strong measures to stabilize the Ghanaian cedi and address the persistent issue of exchange rate volatility that has affected both businesses and consumers.
During his swearing-in ceremony, Dr. Asiama emphasized the need to put an end to excessive currency speculation and unpredictable fluctuations. “We are ready to establish a well-functioning and stable foreign exchange market that supports economic activity,” he remarked.
To realize this goal, Dr. Asiama outlined several important initiatives, including the introduction of a new foreign exchange law to replace the outdated Foreign Exchange Act of 2006 (Act 723), targeted market interventions to prevent forex leakages and improved management of foreign reserves. He also highlighted plans to utilize Ghana’s gold reserves and enhance participation in the Pan African Payment and Settlement System (PAPSS), enabling Ghanaian businesses to trade within Africa using local currencies instead of depending on the US dollar.
The Governor further promised to implement structured systems that guarantee fair pricing and equitable distribution in the forex market, work with fintech and remittance agencies to boost foreign exchange inflows, and reform the central bank’s Domestic Gold Purchase Programme to improve reserve accumulation and transparency. He stated that these actions will help restore confidence in the cedi and create a more stable economic environment for investors and businesses.
Source: Nationaltyme.com
