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Dr Moahmmed Amin Adam, <a data-link-role-code="open_new_tab" href="https://www.pulse.com.gh/business/guta-urges-bog-to-relax-currency-exchange-rules-amid-cedi-depreciation/rk02b0x" title="The cedi will stabilise after completion of debt exchange – Finance Minister ">the Finance Minister</a> has assured that the current cedi depreciation will halt in the medium and long term.

The cedi will stabilise after completion of debt exchange – Finance Minister | Pulse Ghana

Evans Annang

He said the Ghanaian currency will stabilize after the completion of the domestic debt exchange.

“But for recent pressures, we are seeing on exchange rate movements, the exchange rate has been largely stabilised with the depreciation of the cedi against the US Dollar halving from 54.2% at the end of Nov 2022 to 27.8% at the end of Dec 2023.

“The Cedi’s stability has continued into 2024, with a cumulative depreciation of 14.2% as of 20th May 2024, compared to 20.7% recorded in the same period in 2023. We expect the cedi’s stability to improve into the medium-term as we complete debt restructuring, make more progress on fiscal consolidation, and improve our reserves over the medium-term.”

“The recent pressures we are observing on the cedi is largely on the back of the strengthening of the US Dollar against major trading currencies, seasonal forex demand including elevated demand from corporate institutions, payment to contractors and to IPPs, high Cedi liquidity and speculation.”

<a data-link-role-code="open_new_tab" href="https://www.pulse.com.gh/business/domestic/harnessing-cryptocurrency-for-africas-financial-liberation/syzjfwh" title="The cedi will stabilise after completion of debt exchange – Finance Minister ">Dr Amin Adam</a> said this while speaking at his monthly briefing on the economy in Accra.

Relatedly, the Ghana Union of Traders Association (GUTA) has called on the Bank of Ghana (BoG) to ease its stringent currency exchange regulations.

Dr. Mohammed Amin Adam, Minister of Finance

Gideon Nicholas Day

This appeal, by the President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, highlights the growing concerns among traders and businesses who are feeling the strain of the fluctuating exchange rates on their operations and profitability.

He argued that a more flexible approach is needed to support traders and businesses during these turbulent times.

"Because you know, the fear factor there is the documentation, the requirement, stringent documentation. They have to relax their stringent documentation.

"If you make a stringent documentation requirement, then people do not transact through the banks. For the Bank of Ghana what you need is a bill of lading and then your transactional value, that should be enough for you. People will not be panicked about whatever the accounting aspect of all that," Dr. Obeng stated.

He proposed that the BoG consider a temporary relaxation of these rules to provide much-needed relief to traders. This could involve measures such as increasing the daily foreign exchange limits for businesses and simplifying the process for accessing foreign currencies.

The cedi will stabilise after completion of debt exchange – Finance Minister

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