• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Banking Consultant shoots down calls for gov’t to implement a fixed exchange rate regime

3 years ago
in Business, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
147
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Banking Consultant shoots down calls for gov’t to implement a fixed exchange rate regime

Nana Otuo Acheampong, a Banking Consultant, has spoken against the possibility of Ghana pegging its local currency against the dollar.

This follows calls by the Importers and Exporters Association of Ghana to do so.

The cedi has witnessed significant depreciation against the US Dollar in these few weeks into the year, the cedi is currently selling for about GHC 7.80 at some forex bureaus. 

Some analysts have attributed the cedi’s problem to upside risks to the economy including high debt and interest payments, inadequate revenue and rising expenditure.

Read: ECG embarks on nationwide debtor power disconnection exercise

However, the situation has forced importers and exporters to increase the prices of their goods while they warn that prices will continue to go up if the cedi is not stabilized anytime soon.

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

According to Nana Otu Acheampong, Ghana is operating a floating currency system and therefore cannot peg the currency but will rather continue to implement measures that will help bring the cedi under control.

“We can’t do that, when we came out of the International Financial System, the exchange rate had two options, either you fix or you float and then there’s a hybrid form which is partly fixed and partly floating and Ghana is on the floating, we don’t have a fixed one.

“In the current dispensation, there is hardly any economy in the world with a fixed currency either to the dollar or the pound, no, everybody is floating now. So then you manage your floating and that’s what the Bank of Ghana has been doing, they have been managing the floating and this happened after the second world war when economies were faced with choosing either floating or fixed exchange rate,” he stated.

A floating or variable exchange rate is allowed to move up and down, reflecting the economic or financial market conditions in a country relative to another currency which the domestic currency is benchmarked, whereas a fixed exchange rate regime applied by governments or central banks is to tie a country’s currency exchange rate to another country’s currency or the price of gold. The purpose of a fixed exchange rate system is to keep a currency’s value within a narrow band.

Tags: Bank of Ghana (BoG)Banking Consultant shoots down calls for gov't to calls implement a fixed exchange rate regimefixed exchange rate regimeghanahigh debt and interest paymentsImporters and Exporters Association of Ghana
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.