The Council of State has reportedly invited Finance Minister Ken Ofori-Atta and the Governor of the Bank of Ghana, Dr. Ernest Addison, over the cedi’s depreciation.
According to a Daily Guide newspaper report, the Chairman of the Council of State, Nana Otuo Siriboe, has asked all members to halt their recess and attend the meeting scheduled for today, August 24, 2022.
The meeting is to afford them the opportunity to be briefed on the economic challenges, particularly the cedi depreciation in order to advise President Akufo-Addo per their constitutional mandate.
Meanwhile, it is expected that the Minister of State at the Finance Ministry, Charles Adu Boahen, will attend the meeting owing to the non-availability of Ken Ofori-Atta.
“Information reaching DGN Online indicates that the Council of State has summoned the Finance Minister, Ken Ofori-Atta, and the Governor of the Bank of Ghana, Dr. Ernest Addison, over the free fall of the local currency, the cedi. The Ghanaian Cedi is currently trading at over GH¢10 to one dollar, sending panic among the business community.
“Chairman of the Council of State, Nana Otuo Siriboe, has asked the council members to cut short their recess to attend the emergency council meeting to meet managers of the economy. The Finance Minister, Ken Ofori-Atta, has traveled out for medical review with Minister of State at the Finance ministry Charles Adu Boahen stepping in for him. The Council meeting is tomorrow, Wednesday, August 24, 2022,” part of the Daily Guide report read.
The economy has in recent times been experiencing a downturn, with citizens lamenting the increased cost of living.
Ghana’s inflation rate for the month of July was 31.7% per data put out by the Ghana Statistical Service.
The recent developments prompted the government to initiate contact with the International Monetary Fund for a program.
Amid the downturn, international rating agencies such as Fitch and Standards and Poor have downgraded Ghana’s economy. The Cedi as well has also been experiencing a free fall, with the exchange rate pegged at GH₵10 to a US dollar at some forex bureaus.