MEMBERS OF the Council of State are to engage with President Akufo-Addo at the Jubilee House in Accra and discuss the state of the Ghanaian economy, given the recent developments in the country particularly, the rising dollar, which is driving the prices of goods and services at an alarming rate.
The repercussion of the fast-rising dollar has been the free fall of the cedi, which has become the talk of town and causing anxiety among the populace.
The Council members, some of whom are business men and women, according to sources, will meet the President today and share their opinions about the best way forward for Ghana’s economy and governance.
The Ghanaian cedi is currently trading at almost GH¢14 to a dollar after crossing GH¢15 last week, giving a headache to the business community and the general public.
Following the worrying situation, Chairman of the Council of State, Nana Otuo Siriboe has called for an emergency council meeting to discuss the best ways of dealing with the problems heckling the economy.
On Wednesday, August 24, 2022, the Council asked members to return from a recess to meet managers of the economy, but unfortunately, the Minister of Finance sent one of his deputies to meet the members during which GUTA’s strike was discussed.
The government has cited the global downturn, especially COVID-19 and Russia-Ukraine war, as the main cause of the challenge.
The Council of State, per information gathered by DAILY GUIDE, is taking this step, in order to help address the challenges by advising President Akufo-Addo, accordingly.
Already, Information Minister, Kojo Oppong Nkrumah, has announced that government has outlined some immediate plans to help arrest the rapid depreciation of the cedi.
He disclosed that the Governor of the Central Bank, Dr. Ernest Addison, has scheduled a crunch meeting today with all CEOs of commercial banks and forex bureaus to address the issue.
“The Bank of Ghana will be meeting the Managing Directors of some of the banks and the heads of the forex bureaux association on how to stabilise the supply of forex on the market and halting the overpricing so that, those who need forex for business would get it without hindrances at the banking halls as against the rates on the black market or some other quarters,” he announced.
He also revealed that there is going to be another meeting by the Economic Management Team (EMT) as well as Cabinet over the free fall of the cedi and other matters arising from the country’s engagements with the International Monetary Fund (IMF).
“We will also be looking at long-lasting measures to ensure that forex rate is stabilised 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 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,” he stated.
Mr. Oppong Nkrumah expressed optimism the situation will be reversed following the steps government is taking.
Bloomberg has also rated the currency as the worst-performing worldwide after considering a basket of 148 currencies around the world.
Government has been working to inject some $2 billion into the Ghanaian economy.
In August, Mr. Oppong Nkrumah said the $750 million was expected to hit the accounts of the Bank of Ghana from the Afreximbank whilst the cocoa syndicated loan was to add $1.3 billion.
BY Vincent Kubi