GITFiC Raises Concerns Over Ghanaian Cedi Depreciation Despite Government Interventions

GITFiC Raises Concerns Over Ghanaian Cedi Depreciation Despite Government Interventions
GITFIC
Written By : Afua Amankwanowa

The Ghana International Trade and Finance Conference (GITFiC) is sounding the alarm on the continuous depreciation of the national currency, despite the government's multiple interventions. Despite a strong economic performance in 2023, the Ghanaian Cedi saw a slight dip in the first quarter of 2024. GITFiC attributes this trend primarily to increased profit repatriation by foreign-owned companies, fueled by market speculation. This ongoing scenario is putting considerable downward pressure on the Ghanaian Cedi.

While the former Minister of Finance, Ken Ofori-Atta, recently announced a $200 million injection into the economy, GITFiC remains skeptical. They argue that such announcements often have limited impact, as market operators anticipate them and adjust their projections beforehand, even before the funds are actually deployed. Consequently, GITFiC suggests that this approach might be counterproductive in addressing the currency depreciation issue.

Facing these challenges, GITFiC advocates for a more targeted and proactive strategy. They propose that the Bank of Ghana swiftly inject foreign exchange into the economy, focusing on specific sectors to alleviate pressure on the Ghanaian Cedi. Moreover, GITFiC emphasizes the crucial role of the Central Bank in combating irregularities in the forex market. They recommend that the Bank intensifies efforts to identify and eliminate questionable forex operators, tightens regulatory frameworks, and ensures strict compliance across all market participants. By implementing these measures, GITFiC believes that the Ghanaian government can effectively tackle the ongoing currency depreciation and stabilize the local economy.

Comments

More From 3Music News

3Music TV Supports Ayawaso Central Municipal District

3Music TV Supports Ayawaso Central Municipal District

3Music TV recently embarked on a mission to connect with its viewers and the community by extending warmth through donations to the Ayawaso Central Municipal District. Ahead of their highly-anticipated Sallahfest show at Alajo T-Junction, the 3Music TV team visited the district.

Joseph Adu-Preprah to Attempt Guinness World Record for Longest Drum Marathon

Joseph Adu-Preprah to Attempt Guinness World Record for Longest Drum Marathon

Joseph Adu-Preprah is set to break the Guinness World Record for the longest drum marathon by an individual with the ambitious attempt scheduled to take place from April 25th to May 2nd, 2024.

Yaw Tog Unveils Star-Studded Collaborators on His Latest Album YOUNG AND MATURED

Yaw Tog Unveils Star-Studded Collaborators on His Latest Album YOUNG AND MATURED

Yaw Tog has just released his highly anticipated debut album titled YOUNG AND MATURED, much to the excitement of his fans.

Prof Nana Ama Browne Klutse Makes History as First Female Physics Professor at University of Ghana in 75 Years

Prof Nana Ama Browne Klutse Makes History as First Female Physics Professor at University of Ghana in 75 Years

Prof Nana Ama Browne Klutse has been promoted from an associate professor to full professor, becoming the first female professor in physics produced by the esteemed institution in 75 years.

SZA to Be Honored by Songwriters Hall of Fame With Hal David Starlight Award

SZA to Be Honored by Songwriters Hall of Fame With Hal David Starlight Award

SZA, the talented singer-songwriter known for hits like LOVE GALORE and GOOD DAYS, is set to receive a prestigious honor from the Songwriters Hall of Fame.

Guinness Set To Host 3rd Edition of Accravaganza on April 20th

Guinness Set To Host 3rd Edition of Accravaganza on April 20th

Guinness Accravaganza returns for its third edition on April 20th 2024.

Superjazzclub Returns with a Genre-Bending Banger, OFF

Superjazzclub Returns with a Genre-Bending Banger, OFF

SuperJazzClub is BACK: Unveiling OFF, a Genre-Bending Masterpiece.

Stonebwoy Drops Scorching Hot EKELEBE Music Video with Odumodublvck

Stonebwoy Drops Scorching Hot EKELEBE Music Video with Odumodublvck

Ghanaian dancehall sensation Stonebwoy has just dropped the official music video for his latest single EKELEBE featuring fellow artiste Odumodublvck, sending waves of excitement through the music industry.

Ministry of Transport Cracks Down on Illegal Lorry Fares

Ministry of Transport Cracks Down on Illegal Lorry Fares

The Ministry of Transport has finally stepped in to address the age-old problem of illegal lorry fares.

Mr. Drew Drops Fire Dance Video for Infectious New Track SNEAKY

Mr. Drew Drops Fire Dance Video for Infectious New Track SNEAKY

Renowned artiste Mr. Drew has just dropped an electrifying official dance video for his latest single, SNEAKY.

Yaw Tog is Set to Release His Debut Album Come April 18

Yaw Tog is Set to Release His Debut Album Come April 18

Yaw Tog Unleashes Star-Studded Debut Album YOUNG AND MATURED - Set to Rock the Music Scene on April 18, 2024!

Iconic Highlife Legend Nana Acheampong Joins Forces With Fameye For Highly Anticipated Single

Iconic Highlife Legend Nana Acheampong Joins Forces With Fameye For Highly Anticipated Single

Iconic Highlife Legend Nana Acheampong Joins Forces with Fameye for Highly Anticipated Single Set to Drop on April 19!

More Similar Videos