US-based Economics Professor Steve Hanke has criticised Akufo-Addo for failing to temporarily stop the Bank of Ghana from determining the cedi's value against major trading currencies. Ghana must mothball its central bank and install a currency board!" How A Currency Board WorksA currency board takes away the management of the exchange rate and money supply from a nation's central bank and institutes an extreme form of a pegged exchange rate. Apart from fixing the exchange rate, a currency board becomes important for maintaining reserves of the underlying foreign currency. “When it comes to the source of Ghana’s economic problems, VP Bawumia plays the BLAME GAME.

Source: GhanaWeb August 24, 2022 11:55 UTC