Cabinet seeks clarification of BoG directives about operation of foreign currency accounts

Cabinet is seeking further clarifications on some of the directives announced by the Bank of Ghana (BoG), especially those aspects that affect the operations of foreign currency accounts and their impact on the operations of exporters and businesses in general.

It has, therefore, called on the BoG to address any ambiguities in the measures announced and provide more clarity.

“The Cabinet remains committed to the implementation of a number of policies that will reduce import dependency, promote the consumption of local produce, thereby addressing the current account imbalance,” a statement signed by Mr Mahama Ayariga, the Minister of Information and Media Relations, and issued in Accra Monday said.

It, however, said, Cabinet endorsed the actions of the BoG to end the dollarisation of the Ghanaian economy to restore stability to the cedi.

It said Cabinet had also agreed to support the BoG in the implementation of the measures and directed state agencies to support those efforts.

It said those decisions were taken after Cabinet had concluded an interaction with the Governor of the BoG, Dr Henry Wampah, with the view to clarifying a number of concerns arising from the BoG’s recently announced measures to address the depreciation of the cedi.

The statement said the meeting took note of recent developments in the global economy, especially exchange rate adjustments in emerging and frontier economies, adding that it was observed that some emerging economies had fared far worse than Ghana.