The Minister of information, Kojo Oppong-Nkrumah, has indicated that the government has taken steps to curb the rapid depreciation of the Ghana cedi.
According to him, the government, in a series of consultations with relevant stakeholders in the financial sector, solved the issue of the cedi depreciation. Aside from that, the Economic Management Team, chaired by Vice-President Mahamudu Bawumia, will also hold a series of meetings with other stakeholders, Asaaseradio.com adds.
This consultation will end with a cabinet retreat, after which the president will address the nation with steps taken to solve the current economic hardship.
On the Interbank forex rates from the Bank of Ghana on October 24, 2022, the Ghana Cedi is trading against the dollar at a buying price of 12.5244 and a selling price of 12.5370.
This is compared to Saturday’s trading of a buying price of 12.5823 and a selling price of 12.5949.
At a forex bureau in Accra, the dollar is bought at a rate of 15.05 and sold at a rate of 15.65.
Ghanaians have taken to social media to complain about the high cost of living due to the effect of the dollar.
To curb the above, Kojo Oppong-Nkrumah‘s consultations began today (Monday October 24, 2022) with the Bank of Ghana meeting with heads of banking institutions and forex bureau operators.