The government of Ghana says it will set up a bipartisan committee to probe into the constant depreciation of the cedi

The government of Ghana has directed an investigation into Ghana’s recurring currency depreciation.

Finance Minister, Ken Ofori-Atta

The Finance Minister Ken Ofori-Atta made the revelation today, March 28, 2019, when he responded to parliament’s call.

He delivered an update on the country’s completion of the International Monetary Fund (IMF) programme which the country entered in 2015 and took advantage of the opportunity to talk about the depreciating cedi.

Mr Ofori-Atta disclosed that the government is set to form a bi-partisan committee to carry out this investigation.

The Ghanaian cedi recently has experienced constant depreciation against other foreign currencies. It was trading around 5.80 cedis to one dollar.

The cedi has, however, began to appreciate since last week, it is selling from between 5.50 cedis to ¢5.20 cedis to one dollar.

But President Akufo-Addo according to the minister needs a bi-partisan committee to check on the fall and find a solution to how the currency can appreciate instead of depreciating.

He said “the president has directed that I investigate the structural causes for the depreciation of the cedi and to propose measures to address the situation,” adding that, “The governor and I will put a bi-partisan committee together to proceed immediately.”

Mr Ofori-Atta said the recent depreciation of the Ghana cedi was not as a result of weak economic fundamentals and that is the reason for the committee.

He assured Ghanaians that the government is ready to help solve every economic problem to enhance good and comfortable living.

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