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Company News of Wednesday, April 3, 2019
Source: clbadfmonnline.com
2019-04-03
Prime Minister, Yaw Osafo Maafo
The government will present a new guideline to regulate easy access to foreign currencies, particularly the US dollar, in Ghana by the end of April 2019, said the Prime Minister. Yaw Osafo Maafo.
This should be part of the measures planned to control the strong demand for the US dollar in Ghana, which has contributed to the depreciation of the Ghana cedi.
The former finance minister said that the Economic Management Team (EMT) was discussing the issue but that a collaborative effort is needed between the EMT, the Bank of Ghana (BoG ) and security agencies to tackle the problem "in order to put an end to this illegal business.
Responding to a question on the subject at a meeting of the EMT City Council in Accra on Wednesday, April 3, 2019, the Prime Minister said: "In the middle of this month, the Bank of Ghana and the National security agencies will issue guidelines so that we take steps to protect our currency. "
He expressed concern that some villains engage in currency trading against the rules.
"These people are not exchange offices but operate as if there were no rules and regulations in Ghana, and I think, Mr. Vice President, that it is wrong and that we should treat that with national security so that we apply the rules. that all other countries do.
He pointed out that the exchange of foreign currency in other countries requires documentation and that it is high time for Ghana to adopt these measures.
"In Ghana, this is not the case and, therefore, it is not correct," he lamented.
The Ghana cedi reached an all-time low, recording a rate of 5.86 to 1 GHC on March 12, 2019. However, the Cedi registered a slight appreciation ending at around 5.12 compared with 12.5 GHC on March 21st. 2019 after the sale of 3 billion eurobonds by the government.
The cedi again depreciated to 5.52 GHC per dollar on April 1, 2019. It made some gains on Wednesday to trade at 5.32 GHC from 2 pm.
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