Business News of Saturday, 18 January 2020Source: www.ghanaweb.comGovt sets up FX Development Committee to probe recurring depreciation of the cediThe FX Dev't Committee will look into policy interventions to prevent the depreciation of the cediGovernment through the Finance Ministry has established a Forex Development Committee that will look into policy measures and interventions to prevent the recurring depreciation of the cedi from assuming the impact of the central bank. The move follows a promise made by the Finance Minister, Ken Ofori Atta last year that government would establish a bi-partisan committee to investigate the structural causes of the cedi depreciation and propose adequate measures. The membership of the committee, however, is drawn from the Office of the Vice President, Bank of Ghana, Agriculture Ministry, Ghana Union of Traders Association (GUTA), Association of Ghana Industries, some universal banks among other key stakeholders. "The FX Development Committee which is chaired by the Finance Minister, Ken Ofori-Atta is also to critically look at the role of automation and digitization as a critical enabler of FX reforms," he said. In 2019, the cedi depreciated by more than 12.7 percent, the worst performance since 2015 when the cedi depreciated by more than 14.6 percent.

Source: GhanaWeb January 18, 2020 08:37 UTC