The Governor of the Bank of Ghana (BoG) has dismissed assertions that the new and revised foreign exchange rules introduced in February this year and scrapped recently was a policy flop.
The central bank on August 8, announced it had scrapped a number of the foreign exchange rules it introduced on the 4th of February this year. The new rules were introduced as part of measures to arrest the cedi from further fall.
A number of stakeholders have indicated the move was a flop considering the fact that the cedi depreciated further after the introduction of the new rules. But Central bank Governor, Dr Henry Wampah tells Citi Business News he disagrees.
“I don’t agree. I think there were objectives for that. The reason why we had to reverse most of them was because we felt there were implementation problems. People did not understand the issues.”
According to him, “even with some, there were misapplications and so on. So we thought the best for the economy will be to reverse those rules.”
