[ 2016-01-26 ]

Calls to devalue cedi needless - BoG
The Governor of the Bank of Ghana, Henry Kofi
Wampah has rubbished calls for the devaluation of
the Ghana cedi.

This follows earlier calls by the CEO of Dalex
Finance, Ken Thompson for the Cedi to be
devalued.

Vice President, Kwesi Amissah Arthur last year
also revived the debate on the issue, when he
advised West African countries to consider
devaluing their currencies to ensure stability and
speed up plans to form the single currency zone.

Some financial analysts have argued that the
devaluation of the cedi may protect the local
industry.

But Addressing journalists after a meeting of the
monetary policy committee, Dr. Henry Kofi Wampah
said the calls are unjustified.

"There is no really no need to do a discreet
devaluation...because the currency adjusts as and
when the conditions change," Dr. Wampah said.

Meanwhile, renowned economist, Kwame Pianim has
also described as valueless any attempts to
devalue the cedi.

According to him, this will make no impact on the
country's current state of affairs.

Source - Starrfm

... go Back