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Ghana’s government plans to maintain a fixed currency exchange rate at the country’s ports for the next three months to protect importers from the continuing depreciation of the cedi, said the Deputy Minister for Trade, Michael Okyere Baafi, as reported by Citi News.
The US dollar will be kept at the same level as the Central Bank’s interbank rate.
Baafi said that the measure was a “concession” to the Ghana Union of Traders Association (GUTA), which was protesting against the cedi’s loss of over 50% of its value against the US dollar since the beginning of the year, making it the world’s worst-performing currency.
The fixed exchange rate is meant to provide some level of stability for importers while also helping the government check inflation.
Baafi said that the goal was to “make [the traders] very comfortable in business”.
The cedi was trading at GHS12.95 to the US dollar at the interbank rate on Monday morning. However, it went past GHS14.5 at some forex bureaux across the capital, Accra.
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