“My confidence in the way the economy is being managed is very low. Even though I think this is a good thing (measures from BoG), I still don’t think this government can deliver in the right way. I think there are a lot of mismanagement, stealing and corruption,” stated Mr. Sydney Casely Hayford, a chartered accountant and financial consultant.
Mr. Casely Hayford was commenting on the interventions rolled out by the Bank of Ghana (BoG) to halt the downward spiral of the cedi.
The Bank of Ghana (BoG) announced on Tuesday additional measures to shore up the cedi against the major foreign currencies.
One of them was to prohibit transfers from one currency-denominated account to another and the requirement that transfers outside Ghana from foreign exchange and foreign accounts be supported by relevant documentation.
The directives, which were contained in a release signed by the Secretary to the bank, Mrs. Caroline Otoo, also said “all undrawn foreign currency-denominated facilities shall be converted into local currency-denominated facilities with the coming into effect of this notice”.
According to the Bank of Ghana (BoG), the revised rules which takes effect from today will see the abolishment of cheques or cheque books in foreign exchange accounts and foreign currency accounts.
Per the rules, no cheques or cheque books shall be issued on the Foreign Exchange Accounts and Foreign Currency Accounts.
According to the new revised rules, cash withdrawals over the counter from foreign exchange accounts and foreign currency accounts shall only be permitted for travel purposes outside Ghana and shall not exceed US$10,000.00 or its equivalent in convertible foreign currency, per person, per travel.
The Bank reminded the general public that failure to comply with the directives would attract penalties which include “pecuniary sanctions, jail terms, suspension and revocation of the operating licence as applicable”.
Mr. Casely Hayford, discussing the issue on ‘Kokrokoo’ lauded some of the measures spelt out but blamed government for the fall of the cedi. According to him, it is the lack of political will on the part of successive administrations that caused the depreciation of the cedi and the downward trend of the economy.
“Blame government; it is all government’s lack of will because instead of doing the right thing; economically and developmentally, they always talk of politics. That is the problem…We have only had two governments in this country. An NPP government and an NDC government; both governments have failed to implement what is necessary…,” he stated.
Mr. Hayford told Kwami Sefa Kayi on PeaceFM that there are lots of instances of corruption cases especially when one analyses the Auditor General’s report for 2013, but government has turned a blind eye to all of it; with no one being prosecuted.
“Cash is being stolen, contracts are being manipulated, monies that are being collected are not being deposited into the consolidated fund…there are so many things that are really draining the economy and government can’t seem to get his hands around it. These things have been going on for a very long time. That is why I am saying that my confidence in the management of the economy is very very low, and I don’t think we will see the end of it very soon.”