Legal luminary, Martin Kpebu, has said the Bank of Ghana must consistently intervene in managing the depreciation of the cedi.
According to him, countries such as China allow their central banks to actively regulate their currencies, and Ghana should adopt a similar approach to ensure stability.
Speaking on TV3’s Key Points, Kpebu said, “I’m sure when the IMF leaves, the Bank of Ghana will have a field day. We will need them to consistently intervene. Intervention is key.”
Cedi’s depreciation to stay within 5% per annum – President Mahama
His comments follow recent disclosures by President John Mahama during a media engagement, where he revealed that the central bank had withdrawn its interventions in the foreign exchange market, a move that has exposed both the strengths and vulnerabilities of the local currency.
He explained that the withdrawal came after months of steep appreciation of the cedi.
President Mahama stressed the importance of striking a delicate balance between supporting exporters and avoiding excessive burdens on importers.
He further noted that the cedi’s depreciation is expected to remain moderate in the coming months, staying within a band of approximately 5% per annum.
SA
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