The Scandal newspaper in its Monday July 21, 2014, edition reported that Dr. Kofi Wampah, the Governor of the Central Bank, has resigned his post, the paper alleged that he submitted his resignation letter on Wednesday, July 16.
This good news was short-lived, as the Governor came out to deny the publication, saying he is still at post.
It is within his right to either want to resign or remain at post, but his decision to still remain at post, must reflect in halting the dwindling fortunes of the Cedi.
We were amazed at the dispatch and sense of urgency with which he came out to deny the publication; we pray that that same urgency must be extended to his work.
The Governor of Bank of Ghana (BoG), has presided over the rapid depreciation of the currency, his most laudable intervention to stop the Cedi from further sliding down was the revised rules on the operation of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA).
These measures were announced in February to help halt the free fall of the Cedi, we are in July and the situation unfortunately is far from over.
It has and will always be a question of demand and supply, simple economics tell us that when demand exceeds supply prices tend to go up and vice versa. Going by this it is obvious that a lot of people are demanding more of the Dollar especially for transactional purposes or for speculative reasons, in order to arrest the fall, all the BoG needs to do is to inject more Dollars into the system. Once supply exceeds demand the price will automatically fall.
Dr. Wampah and his people can introduce all the cosmetic regulations that they deem fit, but for as long as the Dollar is in short supply, it will keep appreciating.
He might not want to resign today, but we shudder to think what it is that he is doing at the BoG, maybe is about time to bow out whiles the applause is a little up, before posterity never forgives him for being the worst Governor of the central bank.