Calls for prosecution of BoG officials over cedi depreciation irresponsible - Edmund Kyei

Edmund Kyei, Asokwa First Vice Chairman of the ruling New Patriotic Party (NPP), has described irresponsible calls for the prosecution of officials of the Bank of Ghana
due to the fast depreciation of the local currency, the Cedi.

In a strongly-worded statement released in Accra on Thursday, the NPP firebrand insisted that such calls were born out of

Read full articlemischief and an attempt to dent the image of the governor of the central bank.

Below is the full statement of Edmund Kyei:

The Call For Prosecution of BoG Top Officials Over Cedi Depreciation is Baseless.-Edmund Kyei Express Dissatisfaction Over Lawyer John Baiden's Petition.

Recently Lawyer John Baiden petitioned the Attorney General seeking prosecution of Bank of Ghana Officials, though some issues raised by the petitioner is factual but he cannot blame BOG Officials over the global hardship we are all facing.

Mr Baiden raised an issue pertaining to "lifting the corporate veil" in order to prosecute those managing the Bank of Ghana. Besides the BoG has done well pertaining to stabilization of the cedi. The records are there for last year and earlier this year for his perusal. Last year forex bureaus bought dollars at rate of 6.47 and sold at the rate of 6.63, also bought pound sterling at the rate of 8.55 and sold at the rate of 8.72 and Euro being bought at rate of 7.25 and sold at a rate of 7.40.

These figures I quoted were the records last year, but this current year has been hell for almost all the countries across the globe and Ghana's currency is not an exception, there has been a major global petroleum crisis which has affected almost every country's currency.

Currencies like the Egyptian pound, Japanese Yen, Lebanese pound, Sri Lankan Rupe, the Zimbabwean dollar, Ghana's Cedi and many currencies are losing their value against the dollar and this started happening after Russia invaded Ukraine, the conflict has led to rising oil prices and wheat imports and some investors have pulled dollars from the treasury market. The taste for foreign goods are still occurring illegally has helped currency decrease in value as domestic currency is ignored.

I entreat all Ghanaians to be law-abiding citizens to patronize made in Ghana good and reduce the taste for foreign goods which will be a major breakthrough for our currency's strength.

....signed....

Edmund Kyei

Asokwa 1st Vice Chairman

National Communication Member NPP