Don't Bet Against Cedi - Wampah

Governor of the Bank of Ghana Dr Kofi Wampah is warning speculators talking down on the cedi and betting against it to beware because they will lose their bet. He said government is taking measures to arrest the free fall of the cedi and resolve the dire economic challenges facing the country. The cedi has depreciated about 30 per cent this year, the budget is in deficit, prices of goods and services are skyrocketing with a general despondence in the economy. The situation forced government to hold a three day national economic forum at the end of which the Senchi Accord was adopted with a strategic plan to reviving the economy. An action plan has been presented to the president John Mahama, leading to the setting up of a presidential Advisory Committee which had its first meeting today. The committee which includes former Finance Minister Prof Kwasi Botchwey, Governor of the Bank of Ghana, Dr Kofi Wampah, and an Economist and member of the New Patriotic Party Kwame Mpianim, is to find quick-fix solutions to Ghana's ailing economy. President John Mahama, after the end of Thursday's meeting described it as "strategic" adding another meeting will be held Friday all in an attempt to create a bold alliance to consolidate the fiscal space and restore growth in the economy. Dr Wampah said "fruitful discussions" were held on all areas of the economy with the hope of bringing the economy back on a sound footing. "Those that continue to bet on the cedi falling," should be careful because measures are being taken, he assured. He said the Bank of Ghana is looking at revising the foreign exchange measures later next week.