The depreciating value of the local currency, the Cedi, has continued to generate concern in the country, essentially, because of its impact on the economy generally.
Financial experts have blamed the rapid decline of the Cedi on uncontrolled demand for foreign exchange as a result of import dependency of the economy.
Without doubt, there is a growing shortfall between increasing demand for foreign currency, especially the US dollar and the foreign exchange available for sale.
It is patently unacceptable that 80 per cent of cargo ships and planes that bring goods to Ghana for which the country pays in dollars leave our shores empty, because we have not much to export to earn dollars.
The Bank of Ghana, through the Monetary Policy Committee (MPC), has come out with measures to arrest the rapid depreciation.
The MPC in trying to manage the near crisis situation has been forced to increase the monetary policy rate to 300 basis points to 22 per cent, its largest increase since 2002.
The Central Bank, is also providing special funding to Bulk Oil Distribution Companies. Report indicates that the BoG, will sell a total of $420 million to BDCs via banks in the final quarter of this year, in its Foreign Exchange Auctions.
According to the auction calendar, $120 million each will be sold in October 2022, November 2022 and December 2022 respectively.
But in reality, managing the nation’s exchange rate and policies relating to the foreign exchange must not be the job of the Bank of Ghana alone.
In the considered opinion of this newspaper, the media must also help to arrest the situation, by not always reporting on the depreciation, as speculation creates panic in the system.
Ghanaians in general, must also have the courage to accept that a situation where it must be imported cars, rice, sugar, tomatoes, furniture, tooth picks, apple and so on can no longer be sustainable now or in the near future.
