Cedi has fallen by more than 30% so far in 2022
The Institute for Economic Affairs (IEA) has urged the Bank of Ghana to progressively build its reserves to at least six months of import cover to strengthen the exchange rate.
According to the think tank, that’s the major step in avoiding the perennial depreciation of the cedi.
It pointed out that the additional reserves could be derived from natural resources through increased ownership and value addition.
In an analysis ahead of the December elections, the IEA said the exchange rate management should be improved by implementing measures to address the perennial foreign exchange supply-demand imbalance through some of the structural reforms.
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