Finance Minister Dr. Cassiel Ato Forson has outlined measures aimed at stabilizing the Ghanaian cedi, following its significant depreciation in recent months.
He attributed the depreciation to increased demand from energy sector payment and commerce.
He was responding to a question from Mavis Nkansah Boadu, Member of Parliament for Afigya Sekyere East, who sought to know the measures the Ministry of Finance was implementing to address the sharp decline of the local currency.
Dr. Forson assured the House that the government, in collaboration with the Bank of Ghana (BoG), had taken steps to curb the rapid decline.
He noted that the cedi had shown relative stability since February 19, following interventions by the central bank to boost liquidity and restore market confidence.
To sustain this stability, he announced that the government had established a Ghana Gold Board to enhance the country’s foreign currency reserves.
He said the board will ensure the central bank has enough forex reserves to intervene in the market when necessary.
Additionally, he disclosed that the Bank of Ghana would continue implementing its foreign exchange forward auction policy to further stabilize the cedi.
He added that the government was also intensifying fiscal consolidation efforts, including reducing expenditure, to ease pressure on the currency.
Dr. Forson further stated that the government would introduce new measures under the 24-hour economy policy, which will focus on import substitution and boosting local production.
These strategies, he said, would be presented to Parliament in the coming days.
“I believe that in the coming days, the Ghana cedi will see some significant stability and improve from its current state,” he assured.
