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Finance minister announces foreign exchange measures

    ABIDJAN

    Finance minister Kwame Peprah on Wednesday announced measures to reduce pressure on the cedi and conserve foreign exchange, the state-run Ghana Broadcasting Corporation (GBC) reported.

    Peprah said foreign exchange bureaux would now be required to demand identification of all purchasers of foreign exchange and that no individual or company would be allowed to purchase more than US $2,000 on the same day. Each forex bureau will now be required to submit a list of all foreign exchange purchasers to the Bank of Ghana each week.

    The measures follow a slide in the exchange rate of the cedi which has slumped from 2515 to the US dollar on 27 April 1999 to 4420 to the dollar today.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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