The Ghana International Trade and Finance Conference (GITFiC) has observed that the recent depreciation of the Ghanaian cedi is primarily due to an increased repatriation of profits by foreign companies. This trend isn’t new but has been exacerbated by market speculation, contributing significantly to the cedi’s downward spiral. In response, GITFiC’s CEO, Mr Selasi Koffi Ackom, has urged the Central Bank of Ghana to proactively supply more foreign exchange to the market to combat this issue.
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Despite various government interventions aimed at stabilizing the currency, the cedi has experienced a decline in value against key international currencies like the US Dollar and the Euro at the start of 2024. This is after maintaining relative stability in the latter half of 2023. To address this, GITFiC suggests that the Central Bank should focus the expected $200 million funding—announced by the former finance minister—on specific sectors to support the cedi. Additionally, the Bank of Ghana is encouraged to continue rooting out fraudulent forex activities, tighten regulations, and ensure strict adherence to these measures across the board.
