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A private Legal Practitioner and Law Lecturer, Dr. John Baiden has petitioned the office of the Attorney-General to prosecute officials of the Bank of Ghana over the rapid depreciation of the Ghana Cedi.
In his petition, he said, “The Bank of Ghana has compromised the Ghana cedi. It is out of line and must be brought back in line. Hopefully, the Prosecution will bring about conscientiousness and deterrence from here on out. Unstable currency equals an unstable country. Ghana can do better.”
According to Dr. Baiden, the Central Bank has the mandate and responsibility to ensure that the country’s wealth is preserved at all times.
“Our laws expect the BoG to protect and preserve our wealth that we have stored in the cedi. Money is said to be a store of value and thus value must be stable at all times”, portions of Dr. Baiden’s petition read.
The current depreciation of the cedi has been a cause for worry for businesses and the general public. However, the Bank of Ghana says it is putting in measures to restore the currency to a stable state.
But the Cedi currently sells at GH¢8.10 to a dollar from an average of GH¢6 at the beginning of the year.
“The cedi depreciation is not abating; putting the entire population in a panic mode because general incomes and salaries are stagnant, unchanged and for some worsening due to the present adverse economic conditions as a result of the unstable cedi.”
The Law lecturer believes the BoG has failed in its mandate.
“It is our case that the BoG has no business referring to a Free Float Exchange Rate Regime. The BoG must elect an Exchange Rate regime that is compatible with or informed by its legal mandates – Article 183(2)(a) of the 1992 constitution”.
This provision reads; “The Bank of Ghana shall – promote and maintain the stability of the currency of Ghana and direct and regulate the currency system in the interest of the economic progress of Ghana.”
