According to reports, the Council of State has invited Dr. Ernest Addison, the governor of the Bank of Ghana, and Finance Minister Ken Ofori-Atta to discuss the depreciation of the cedi.
The Chairman of the Council of State, Nana Otuo Siriboe, has reportedly requested all members to cease their vacation and show up to the meeting that is due to take place today, August 24, 2022.
They will have the chance to learn about the economic issues, particularly the devaluation of the cedi, at the meeting so they can advise President Akufo-Addo in accordance with their constitutional obligations.
Meanwhile, it is expected that the Minister of State at the Finance Ministry, Charles Adu Boahen, will attend the meeting owing to the non-availability of Ken Ofori-Atta.
“Information reaching DGN Online indicates that the Council of State has summoned the Finance Minister, Ken Ofori-Atta and the Governor of the Bank of Ghana, Dr Ernest Addison, over the free fall of the local currency, the cedi. The Ghanaian Cedi is currently trading at over GH¢10 to one dollar, sending panic among the business community.
“Chairman of the Council of State, Nana Otuo Siriboe, has asked the council members to cut short their recess to attend the emergency council meeting to meet managers of the economy. The Finance Minister, Ken Ofori-Atta, has travelled out for medical review with Minister of State at the Finance ministry Charles Adu Boahen stepping in for him. The Council meeting is tomorrow, Wednesday, August 24, 2022,” part of the Daily Guide report read.
The economy has in recent times been experiencing a downturn, with citizens lamenting the increased cost of living.
Ghana’s inflation rate for the month of July was 31.7% per data put out by the Ghana Statistical Service.
The recent developments prompted the government to initiate contact with the International Monetary Fund for a programme.
Amid the downturn, international rating agencies such as Fitch and Standards and Poor have downgraded Ghana’s economy. The Cedi as well has also been experiencing a free fall, with the exchange rate pegged at GH₵10 to a US dollar at some forex bureaus.