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FX Development Committee not to investigate depreciation of Cedi – Franklin Cudjoe clarifies

Member of government’s recently inaugurated committee, the FX Development Committee, Franklin Cudjoe has stated that contrary to reports that the FX Development Committee is to investigate and stem the fall of the Cedi, the Committee is rather to “advise, based on evidence, how we can improve transparency in the management of forex flows.”

The comments are as a result of widespread reports that the committee is to investigate the downward spiralling of the Cedi which some

argue amounts to usurping the powers of the Central Bank.

At the inauguration of the committee last Friday, a Deputy Minister of Finance Charles Adu-Boahen stated that the committee was to address challenges with the flows of foreign which ultimately affect the depreciation of the Cedi.

“As has empirically been established, the seasonal fall of the cedi can be explained by external headwinds and cyclical domestic demand for forex by corporates and individuals for trade settlements in recent times, increasing demands by the energy sector actors as well. Giving the debilitating impact of the cedi’s depreciation, the government had established a foreign exchange development committee to address this challenge,” he said.

The FX Development Committee is headed by Finance Minister Ken Ofori-Atta, and has been established following a directive from the President to address the challenge of foreign exchange flows.

Source: MyNewsGh.com/Stephen Zoure

The post FX Development Committee not to investigate depreciation of Cedi – Franklin Cudjoe clarifies appeared first on MyNewsGh.

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