The Bank of Ghana (BoG) is enhancing its foreign reserves to stabilize the cedi amid increasing demand for foreign exchange, especially as the festive season draws nearer.
This strategic move aims to curb the local currency’s depreciation against major currencies and bring stability for both businesses and consumers.
Currently, the cedi trades at nearly GHS 17 to the dollar, marking a year-to-date depreciation of 24.3%.
However, BoG Governor Dr. Ernest Addison is optimistic, underscoring that strengthened reserves will help control exchange rate volatility and promote economic resilience.
“Some hope the cedi will rebound to GHS 10 per dollar. These are the issues in our economy—exchange rate and financial sector concerns,” Dr. Addison stated. “But the positive news is that we’re making progress. These challenges are not unique to Ghana; similar trends are seen in other economies. We need to stay focused, implement the right policies, and build buffers to sustain our progress,” he said.
Dr. Addison shared these remarks at the launch of The Concise Law of Banking, a new book by legal practitioner Afua Appiah-Adu, commissioned by the Institute for Law & Development (ILAD).
The book offers a practical guide to banking law, covering essential topics such as bank regulation, the banker-customer relationship, electronic payment systems, and money laundering.
Aimed at students, banking professionals, lawyers, and anyone interested in banking law, The Concise Law of Banking provides a comprehensive overview of fundamental topics, making it an invaluable resource for the industry.
SOURCE: OBIKYERE ABIGAIL SEYRAM
