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16.12.2014 Business & Finance

Cedi Case Adjourned Sine Die

By Daily Guide
Cedi Case Adjourned Sine Die
16.12.2014 LISTEN

Dr Henry Wampah, BoG Governor
The case involving an Accra-based lawyer and banking lecturer, John Ephraim Baiden who has prayed the Supreme Court to compel the Bank of Ghana (BoG) to stabilize the Cedi, was yesterday adjourned sine die.

This was after the Principal State Attorney in the case, Grace Ewool prayed the court's five-member panel, presided over by Justice Paul Baffoe-Bonnie for an extension of time to file their statement of case.

The court consequently adjourned the case to enable the State file for extension and for the plaintiff to respond to it.

Mr Baiden filed the suit early this year after the cedi depreciated against major foreign currencies.

The plaintiff is seeking a declaration that upon the true and proper interpretation of Article 183(2)(a) of the 1992 Constitution and section 4(b)the Bank of Ghana Act 2002, the Central Bank has failed to promote and maintain a stable currency for Ghana.

When the case was first called in July, this year, the defendant raised preliminary objection on grounds that the Supreme Court was the wrong forum, but the court asked that the BoG to respond to the plaintiff's case before the objection would be considered.

The bank noted that if the reliefs of the plaintiff are granted, the court would go beyond its domain and that the issue is a non-justiciable political question.

The Central Bank was of the opinion that the court would be exercising the functions of the Ministry of Finance if it grants the reliefs.

The defendant consequently prayed the court to dismiss the suit.

The lawyer, on the other hand, claims the Central Bank had failed to respond to the issues which he raised, adding that BoG has so far not challenged his data on the poor performance of the cedi.

 By Fidelia Achama

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