President Nana Addo Dankwa Akufo-Addo while delivering his address on the Ghanaian Economy outlined 5 actions that will solve the current bad economic problems of Ghana.
“Indeed, some steps have been taken to restore order in the forex markets and we are already beginning to see some calm returning. We will not relent until order is completely restored. The following actions have been taken thus far:
1) enhanced supervisory action by the Bank of Ghana in the forex bureau markets and the black market to flush out illegal operators, as well as ensuring that those permitted to operate legally abide by the market rules. Already some forex bureaus have had their licenses revoked, and this exercise will continue until complete order is restored in the sector;
2) Fresh inflows of dollars are providing liquidity to the foreign exchange market, and addressing the pipeline demand;
3) the Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilized manner, till the IMF Programme kicks in and the financing assurances expected from other partners also come in;
4) Government is working with the Bank of Ghana and the oil producing and mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange earned from operations in Ghana are, initially, paid to banks domiciled in Ghana to help boost the domestic foreign exchange market; and
5) the Bank of Ghana will enhance its gold purchase programme.
The fact is all these will not work as expected if leadership fails to provide the needed leadership as all levels.