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Cedi depreciation: Ken Ofori Atta hints of use of ID cards at Forex Bureaux

By Justice Kofi Bimpeh
Ken Ofori
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Finance Minister Ken Ofori Atta has hinted that government is considering making the use of Identification Cards a requirement in the exchange of money at the forex bureaux in the country.

Ken Ofori Atta said this will form part of measures to address the continuous depreciation of the cedi.

Addressing journalists in Parliament on March 28, Ken Ofori Atta said: "all of the laws are there and that is what will help the committees work, but sure maybe you are also right maybe enforcement is also going to be particular and maybe we are going to look at other countries and see how to ensure that people have to provide identification when their are getting foreign exchange, the role of the bank and the role of the forex bureaux the way traders work that will facilitate trade maybe by issuing cards."

Ken Ofori Atta also revealed on the floor of Parliament that government will form a bi-partisan committee to probe the continuous depreciation of the cedi.

“The president has directed that I investigate the structural causes for the depreciation of the cedi and to propose measures to address the situation, the government and I will put a bi-partisan committee together to proceed immediately.”


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According to Ken Ofori Atta, the currency's appreciation against the U.S dollar over the past three days has been due to the successful issuance of the 3 billion Eurobond and the completion of the 7th and 8th IMF reviews which will lead to Ghana exiting the programme.

He added that the two events have given investors’ confidence in the Ghanaian economy.

“The cedi has made great strides of recovery on the back of a successful issue of the 3b euro-bond and the completion of the 7th and 8th IMF reviews which restored confidence in Ghanaian economy currently the cedi has witnessed substantials gains with the measures we have put in place there is an existing sound macroeconomic fundamentals we anticipate the stability of the cedi going forward, indeed the cedi as appreciated by 5.12% in March 2019 alone as against a depreciation of 2.7% same period last year.” News