The Cedi has appreciated in value as a result of ongoing discussions between the government and important stakeholders, according to K. T. Dadzie, president of the Ghanaian Forex Bureau Association.
He asserts that the cedi has strengthened greatly versus the dollar since the government’s direct involvement, despite the fact that the past three months of forex turbulence have not been easy for Forex Operators, their clients, or the country.
According to him, this indicates that the out-of-control inflation rates are not occurring as a result of any kind of natural process but rather as a result of the conscious actions of “people speculating and trying to make rainfall out of the situation that we are in.”
In an expanded version of ongoing discussions between the Association and the Bank of Ghana, Mr. K.T. Dadzie made this clear when the Association’s leadership and members met with President of the Republic Nana Addo Dankwa Akufo-Addo to discuss the unsettling behavior and turbulence of the foreign exchange market.
President Akufo-Addo, whose directive caused the meeting, claims that “the state of our currency and the turbulence in our foreign exchange market is a matter of notoriety now in Ghana and it’s a matter of very grave concern.”
He said, “the initial import for the creation of Forex Bureaus was at the time when the economy was opening up and liberalizing. So we had these Forex Bureaus, regulated by the Bank of Ghana; but which will make access to foreign exchange in a regulated and controlled manner easier.”
“This was necessary to curb the and trying to find a mechanism for putting an end to Black-Market operations in our currency,” he stated.
“Unfortunately, somehow,” he continued, “these initial motivations for the Forex Bureau have still not materialized. The Black-Market; you will hear public commentators, and the Bank of Ghana itself, that it is still driving both the supply as well as the rate of our foreign exchange transactions.”
The Forex Bureau Association vowed to help the government’s efforts to stabilize the exchange rates and significantly lessen the influence of black-market operations there.