The Governor of the Financial institution of Ghana, Dr. Johnson Asiama, has urged Ghanaian companies to prioritise using the native forex, the cedi, of their transactions, warning that over-reliance on foreign exchange may undermine latest financial progress.
Talking on the ninth Ghana CEO Summit in Accra, Dr. Asiama stated the cedi has proven sturdy efficiency in latest weeks, appreciating by practically 19% between April and Could.
He attributed this to prudent fiscal administration and improved market confidence, not direct greenback interventions by the central financial institution.
He referred to as on the enterprise group to assist the central financial institution’s efforts by selecting the cedi because the forex of selection for all native transactions.
“Let me emphasise that the cedi is our sole forex and a authorized tender in Ghana so companies ought to do enterprise with the cedi,” he stated.
“We’re not supporting the forex through the use of our worldwide reserves.We’re supporting the financial system by sound financial coverage, and we anticipate companies to assist this effort by transacting in cedis.”Dr. Asiama stated
The Governor emphasised that whereas the Financial institution of Ghana will not be concentrating on an over-appreciation of the cedi, sustaining stability within the change price is vital to sustaining financial restoration, controlling inflation, and constructing investor belief.
He famous that elevated utilization of foreign exchange in native transactions places stress on the cedi and hampers nationwide efforts to stabilise the financial system.
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