{"id":141922,"date":"2015-08-09T16:23:06","date_gmt":"2015-08-09T16:23:06","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=141922"},"modified":"2015-08-09T16:49:38","modified_gmt":"2015-08-09T16:49:38","slug":"bog-doesnt-know-whats-wrong-with-the-cedi-casely-hayford","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/08\/bog-doesnt-know-whats-wrong-with-the-cedi-casely-hayford\/","title":{"rendered":"BoG doesn\u2019t know what\u2019s wrong with the Cedi \u2013 Casely Hayford"},"content":{"rendered":"<p style=\"text-align: justify;\">Financial analyst, Sydney Casely Hayford claims the Bank of Ghana doesn\u2019t know exactly what is wrong with the Ghanaian currency, the cedi, which results in it&#8217;s continuous depreciation against the major trading currencies.<\/p>\n<p style=\"text-align: justify;\">\u201cIf the Bank of Ghana understood what the problem is, they would have solved it all these years [since the problem is perennial] but they don\u2019t know\u201d he insisted.<\/p>\n<p style=\"text-align: justify;\">[contextly_sidebar id=&#8221;4Egkp2QbjMtoA5heCpGpFNeviRXlCuYI&#8221;]The Bank of Ghana (BoG) had \u00a0said it was intervening in the currency market with $20 million daily to stabilise the cedi.<\/p>\n<p style=\"text-align: justify;\">The move worked for a few weeks, only for the cedi to start it&#8217;s nose-dive again.<\/p>\n<p style=\"text-align: justify;\">Sydney Casely Hayford had earlier <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/4cd.e16.myftpupload.com\/2015\/06\/27\/bog-is-lying-about-pumping-20-million-to-save-cedi-sydney\/\" target=\"_blank\">downplayed the impact of the move<\/a><\/strong><\/span> by the BoG saying, \u201cthey are lying to us, they can\u2019t afford $20 million a day.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cIf you have $600 million, why are we going to take $918 million from the IMF? It\u2019s not possible. The Bank of Ghana cannot make $600 million in a month,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Speaking on <strong>Citi FM<\/strong>\u2019s news analysis\u00a0 programme, <strong>The Big Issue<\/strong> on Saturday, Mr. Casely Hayford further accused the BoG of being unable to identify the problems affecting the economy.<\/p>\n<p style=\"text-align: justify;\">\u201cA lot of businesses complained that the artificial announcement [of the injection of 20 million USD daily] and the inability of government to sustain it has simply resulted in them losing lots of Cedis because this has not translated immediately into the reduction of the cost living and operation,\u201d he said<\/p>\n<p style=\"text-align: justify;\">He argued that\u00a0 \u201cif the Central Bank understood this economy and knew what to do they would have fixed this problem. But because they don\u2019t all we are getting are knee-jerk reactions of what to do and how to fix it.\u201d<\/p>\n<p style=\"text-align: justify;\">Meanwhile, Franklin Cudjoe, president of policy think tank, IMANI Ghana, disagreed with Casely Hayford&#8217;s assertion saying the Bank of Ghana does not know what is wrong with the cedi but blamed the matter on government&#8217;s lack of fiscal discipline and voracious appetite for borrowing.<\/p>\n<p style=\"text-align: justify;\">As at last Friday, the Cedi was selling at GHc3.90 to $1, 4.28 to the Euro and 6.05 to the pound.<\/p>\n<p style=\"text-align: justify;\">&#8211;<\/p>\n<p style=\"text-align: justify;\">By: Kwame Botchway\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial analyst, Sydney Casely Hayford claims the Bank of Ghana doesn\u2019t know exactly what is wrong with the Ghanaian currency, the cedi, which results in it&#8217;s continuous depreciation against the major trading currencies. \u201cIf the Bank of Ghana understood what the problem is, they would have solved it all these years [since the problem is [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":114899,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[43,38,21,4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BoG doesn\u2019t know what\u2019s wrong with the Cedi \u2013 Casely Hayford - Citi 97.3 FM - Relevant Radio. 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