Cedi’s price is starting to rise, according to the Forex Bureau Association

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The cedi has appreciated in value as a result of ongoing discussions between the government and important stakeholders, according to K. T. Dadzie, president of the Ghanaian Forex Bureau Association.

Cedi's price is starting to rise, according to the Forex Bureau Association
Cedi’s price is starting to rise, according to the Forex Bureau Association

He asserts that the cedi has strengthened greatly versus the dollar since the government’s direct involvement, despite the fact that the past three months of forex turbulence have not been easy for forex operators, their clients, or the country.

This, he claimed, proves that the out-of-control interest rates are not a result of natural processes but rather the conscious actions of “people speculating and trying to make rainfall out of the position that we are in.”

In an expanded version of ongoing discussions between the Association and the Bank of Ghana, Mr. K.T. Dadzie made this known when the association’s leadership and members met with President of the Republic Nana Addo Dankwa Akufo-Addo to discuss the unsettling behavior and volatility of the foreign exchange market.

“The situation of our currency and the turmoil in our foreign exchange market is a matter of notoriety now in Ghana and it’s an issue of very grave worry,” President Akufo-Addo said, ordering the meeting.

According to him, the original import for the establishment of forex bureaux came at a period when the economy was liberalizing and opening up. Therefore, the Bank of Ghana has authorized these forex bureaus, which would facilitate easy access to foreign exchange in a controlled and regulated way.

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