The government, according to President Akufo-Addo, has taken decisive action to reestablish order in the nation’s foreign exchange markets.
He claimed that these actions are starting to produce fruitful results and boost market confidence.
On Sunday, October 30, President Akufo-Addo spoke to the people on the economy and promised that “we will not cease until order is fully restored.”
“I am confident that these immediate measures designed to change the structure of our balance of payment flows, sanitize the foreign exchange market to ensure that the banks and forex bureaus operate in accordance with international best practices, together with strengthened supervision, will go a long way to sanitize our foreign exchange market,” he said. “I am also confident that these immediate measures designed to change the structure of our balance of payment flows will change the structure of our balance of payment flows,” he added.
The following steps have already been taken:
1) enhanced supervisory action by the Bank of Ghana in the forex bureau markets and the black market to flush out illegal operators, as well as ensuring that those permitted to operate legally abide by the market rules. Already some forex bureaus have had their licenses revoked, and this exercise will continue until complete order is restored in the sector;
2) Fresh inflows of dollars are providing liquidity to the foreign exchange market, and addressing the pipeline demand;
3) the Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilized manner, till the IMF Programme kicks in and the financing assurances expected from other partners also come in;
4) Government is working with the Bank of Ghana and the oil producing and mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange earned from operations in Ghana are, initially, paid to banks domiciled in Ghana to help boost the domestic foreign exchange market; and
5) the Bank of Ghana will enhance its gold purchase programme.