Public Accounts Committee of Parliament

The Governor of the Bank of Ghana, Dr Ernest Addison, has indicated that the pressure on the Ghanaian economy is the reason behind the depreciation of the cedi. Appearing before the Public Accounts Committee of Parliament, he said his outfit cannot fix the exchange rate if there is so much pressure on the economy. “It reflects the movement on a day-to-day basis. If there is additional demand for cedis the currency will be restricted. The Central Bank cannot fix the exchange rate, it depends on what transactions have taken place like payments to contractors.” “Typically that kind of payment can…