The Ghanaian currency, the Cedi, has been experiencing significant depreciation. Professor Godfred Bokpin, a renowned economist, pointed to the International Monetary Fund’s (IMF) involvement as a contributing factor. In a recent statement during a local radio interview monitored by the Ghana News Agency (GNA), Prof. Bokpin explained that the restrictions imposed by the IMF programme on the Central Bank of Ghana (BoG) have limited its ability to stabilize the Cedi.
According to Prof. Bokpin, the IMF programme advocates for a stable exchange rate, which prevents the BoG from intervening in the foreign exchange market. This intervention typically involves selling dollars to boost the Cedi, a strategy that the Central Bank is currently unable to employ due to the conditions set by the IMF. “The central bank’s hands are tied under the IMF-supported programme, preventing them from selling dollars to stabilize the Cedi as they might have done previously,” Prof. Bokpin noted.
The IMF’s Executive Board approved a US$3 billion External Credit Facility (ECF) for Ghana in May 2023, to be disbursed over 36 months. However, the release of funds has been complicated by delays in the country’s foreign debt restructuring. These delays have subsequently influenced the Cedi’s performance by affecting the receipt of the third tranche of the ECF under the IMF programme. Despite these challenges, the IMF has committed to transferring the third tranche of $360 million, regardless of Ghana’s ongoing negotiations with its official bilateral creditors.
In addition to the constraints placed by the IMF programme, other factors contributing to the Cedi’s decline were discussed during the radio program. Mr. Charles Kusi Appiah Kubi, representing the Ghana Union of Traders Association (GUTA), highlighted the need for retention policies that would restrict multinational companies from repatriating profits as a measure to stabilize the Cedi. Dr. Kwabena Nyarko Otoo, Director of Research for the Trade Union Congress, highlighted the negative impact of unregulated foreign exchange trading in Ghana, particularly within the black market. He called on the Central Bank to take action to stop these practices, which further strain the national currency.
The discussion on the depreciation of the Cedi involves a complex mix of international financial policy and local economic strategies. The constraints imposed by the IMF program, along with domestic economic practices and global economic conditions, present a difficult situation for Ghana’s financial stability. In the future, it will be crucial for Ghanaian policymakers and the IMF to review and potentially adjust these policies to ease the economic pressure on the Cedi and promote a more stable economic environment.
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