The Finance Ministry last week inaugurated a committee to look into the causes of the depreciation of the cedi and propose solutions to the problem.
The establishment of the committee, named the FX Developments Committee, is a fulfillment of a promise made by the ministry last year to constitute a bi-partisan committee to look into the problem and help address it.
He said the committee will work to complement the efforts of the Bank of Ghana in curtailing the usual poor performance of the cedi against other major foreign currencies.“The formation of this committee is not to infringe on the independence of the central bank in its foreign exchange operations,” he said.
The Deputy Minister explained that the committee will also review the current forex regime, identify the inherent constraints in the system and offer workable alternatives by way of policies and programmes which potentially would reduce FX risks in the economy.
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“The committee is also to critically look at the role of automation and digitization as a critical enabler of FX reforms,” he stated.
The cedi last year depreciated by more than 12.7 percent, the worst performance since 2015 when the cedi depreciated by more than 14.6 percent.
The committee is chaired by Ken Ofori-Atta, Finance Minister with other members coming from multiple institutions.
Below is the full list of members on the 38-member committee.
Name Designation Institution
Ken Ofori-Atta-Minister Finance Ministry
Owusu Afriyie-Akoto-Minister Ministry of Agric
Alan Kyerematen-Minister Trade and Industry Ministry
Dr. Maxwell Opoku-Afari-First Deputy Governor Bank of Ghana
Dr. Samuel Nii Noi Ashong-Senior Policy Advisor Ministry of Finance
Dr. Yaw Anum -Senior Technical Advisor Ministry of Finance
Evron Hughes -Technical Economic Advisor Office of the Vice President
Benjamin Komla Kpodo -Ho Central MP Parliament
Patrick Nomo -Chief Director Ministry of Finance
Samuel Arkhurst -Director, Tertiary and Debt Management MoF
Sampson Akligoh -Director, Financial Services Division MoF
Alhassan Iddrissu -Director, Economic Strategy and Research MoF
Steve Opata -Head of Financial Markets BoG
Kwasi Kwaning Bosompem -Ag. Controller and Accountant General CAGD
Joseph Boahen Aidoo -CEO Cocobod
Afua Asabea Asare -CEO Ghana Export Promotion Authority
Yofi Grant -CEO Ghana Investment Promotion Centre
Addae Antwi Boasiako -CEO Minerals Commission
K. Duker -Senior Advisor MoF
Senyo Hosi CEO -Chamber of Bulk Oil Distributors
Franklin Cudjoe -President IMANI Ghana
Abena Osei-Poku -Managing Director Barclays Bank Ghana
Kobla Nyaletey -Director, Head of Global Markets Barclays Bank Ghana
Adoteye Anum- Head, Financial Markets Standard Chartered Bank
Kojo Bannerman -Executive Director, Financial Market Sales Standard Chartered Bank
Theophilus Arthur-Mensah Policy and Research Analyst Association of Ghana Industries
Dr. Joseph Obeng -President Ghana Union of Traders Association
John Nyaaba- Treasurer Ghana Association of Bankers
Samuel Aidoo- Treasurer Fidelity Bank
Maame Efua-Bulley Head, Global Market Sales Stanbic Bank
Felix Hamidu -Executive Director D’afrique Ltd
A representative Forex Bureaux Association of Ghana
Bash Mohammed Abdul Razak -Principal Economic Advisor Ghana Extractive Industries
Franklin Eleblu -Chief Software Architect Ghana Fintech Chamber
Nkechi Akunyili -Country Treasurer, UBA Nigerian Banks in Ghana
A representative Makola Traders Association