Edmund Kyei Writes: Calls To Prosecute BoG Top Officials Over Cedi Depreciation Baseless

Recently Lawyer John Baiden petitioned the Attorney General seeking prosecution of Bank of Ghana Officials, though some issues raised by the petitioner are factual he cannot blame BOG Officials over the global hardship we are all facing.

Mr Baiden raised an issue pertaining to "lifting cooperate veil" in order to prosecute those managing the Bank of Ghana. Besides the BoG has done well pertaining to stabilization of the cedi. For his perusal, the records are there for last year and earlier this year.

Last year forex bureaus bought dollars at a rate of 6.47 and sold at a rate of 6.63, also bought pounds sterling at a rate of 8.55 and sold at a rate of 8.72 and Euro being bought at a rate of 7.25 and sold at a rate of 7.40.

These figures I quoted were the records last year, but this current year has been hell for almost all the countries across the globe and Ghana's currency is not an exception, there has been a major global petroleum crisis which has affected almost every country's currency.

Currencies like the Egyptian pound, Japanese Yen, Lebanese pound, Sri Lankan Rupe, the Zimbabwean dollar, Ghana's Cedi and many currencies are losing their value against the dollar and this started happening after Rusia invaded Ukraine, the conflict has led to rising oil prices and wheat imports and some investors have pulled dollars from the treasury market. The taste for foreign goods that are still occurring illegally has helped currency decrease in value as domestic currency is ignored.

I entreat all Ghanaians to be law-abiding citizens to patronize made in Ghana goods and reduce the taste for foreign goods which will be a major breakthrough for our currency's strength.