Set a Currency Board to save the Cedi - Prof Hanke tells govt | 3NEWS.com

To save the cedi, Ghana must mothball its central bank and install a.

Ghana must mothball its central bank and install a Currency Board.”

To save the cedi, Ghana must mothball its central bank and install a.

And the reasons include the fact that we have lost access to the capital market and therefore we were not going to issue a bond this year which has negative implications for the availability of foreign exchange

“If that goes through, that should help improve the supply of foreign exchange to the economy as a whole and should impact positively on the cedi,” he said.

He added “In terms of what the Bank of Ghana has been doing, we have the fortnightly foreign exchange auctions where we make foreign exchange available to the system and in the last few weeks, we have been making special allocations to the [Oil Marketing Companies] OMCs and the energy companies as well as the cement producing companies

“I can tell you that, as of last week, we have completely cleared the pipeline demand for foreign exchange from these OMCs,” he said at an engagement with the media in Accra.