The country is already starting to experience some quiet returning, according to President Akufo-Addo, who said that actions have been taken to restore order in the foreign exchange markets.
On Sunday evening, President Akufo-Addo gave a speech on the economy to the nation, during which he announced that the Bank of Ghana would increase its supervision of the forex bureau markets and the black market in order to root out illegal traders and make sure that those who are legally allowed to operate adhere to the market’s regulations.
President Akufo-Addo claims that recent dollar inflows are addressing the pipeline demand and supplying liquidity to the foreign exchange market.
“The Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilized manner, till the IMF Programme kicks in and the financing assurances expected from other partners also come in,” he added.
He claims that in order to strengthen the domestic foreign exchange market, the government is collaborating with the Bank of Ghana, oil and mining companies, and the Bank of Ghana to establish new legal and regulatory frameworks that will ensure that all foreign exchange earned from operations in Ghana is initially paid to Ghanaian banks;
Additionally, according to President Akufo-Addo, the Bank of Ghana would improve its gold purchasing program.
“I am confident that these immediate measures designed to change the structure of our balance of payment flows, sanitise the foreign exchange market to ensure that the banks and forex bureaus operate along international best practices, together with strengthened supervision, will go a long way to sanitize our foreign exchange market, and make it more resilient against external vulnerabilities going forward” he said
