The Bank of Ghana is to review recent monetary-policy interventions, if the cedi stabilizes in value.
Amongst the measures introduced by the Central Bank to arrest the falling value of the cedi are interest rate hikes, change of bank reserve requirements and bond auctions.
Some commercial banks however appear uncomfortable with them saying they have resulted in high lending rates and new charges on Foreign Currency Accounts.
But the Second Deputy Governor of the Bank of Ghana, Millison Narh tells JOYBUSINESS the measures are rather temporary.
“Our objective mainly is to achieve some stability within the foreign exchange market and the system as a whole. Once this is achieved the Central Bank would review its policy stance appropriately as demonstrated with our bi-monthly Monetary Policy Committee meeting" he explained.
"So this is an ongoing phenomenon rather than a one stop measure. So from time to time we would review the policy stance and if we deem it appropriate we would reverse some of these measures we have taken” Mr. Narh added.
Story by Emmanuel Agyei / George Wiafe - Joy Business