We must take the bull by the horns – Dr. Bannor to BoG

In an attempt to stabilize the cedi, the Bank of Ghana has taken certain measures aimed at halting the depreciation of the Ghanaian cedi against major foreign currencies, particularly the US dollar.

The cedi has been under pressure in recent months which has raised concerns among businesses and consumers, as it has led to higher prices for imported goods and services.

Notable amongst them is that all foreign exchange bureaus advertising rates outside their premises and on social media platforms must stop immediately.
In an interview with RGG NEWS, economist Dr. Frank Bannor believes the BoG has delayed in their fight, which has resulted in the hike on the exchange market.

Adding that “individuals who make use of the Foreign Exchange Bureau should be made to pay some tax on the transactions to deter people from holding the foreign currency when the need is not there”.

He further stated the BoG should as part of their measures issue licences to commercial banks and forex bureau to only buy forex and not to sell forex. However, if anyone wants to buy forex, he or she should go to the accredited bodies mandated by the BoG for that transaction.
This according to him will check the illegalities in the system.

Dr. Bannor is therefore calling on the BoG to come up with a more drastic enactment that will help in their struggle to halt the depreciation of the Cedi.