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BoG lied about pumping US$20 million to save cedi – Casely-Hayford

Financial analyst, Sydney Casely Hayford, has accused the Bank of Ghana (BoG) of lying to Ghanaians that it is injecting US$20 million daily into the money market to stabilise the cedi.

The central bank announced the intervention Thursday after the cedi fell more than 20% in value to the major trading currencies between January and June 2015.

According to the bank, instead of making US$14 million available to banks weekly, it will now be giving them US$20 million.

We expect the cedi to stabilise by the end of the first half of the year when we have some major offshore inflows,” the Governor of the BoG, Dr Henry Kofi Wampah, told the Daily Graphic.

But Sidney Casely-Hayford, has questioned BoG’s capacity to make US$20 million available daily.

Speaking Saturday on Accra-based Citi FM’s The Big Issue on “They (BoG) are lying to us, they can’t afford US$20 million a day,” he pointed out.

According him, Ghana would not have had to go to the IMF for bailout if BOG could make US$600 million in a month.

“If you have US$600 million, why are we going to take US$918 million from the IMF? It’s not possible. The Bank of Ghana cannot make US$600 million in a month,” he stressed.

Mr Casely-Hayford added that the inability of the government to raise US$45 million to pay Bankswitch was an indication that it did not have money.

“US$20 million a day will translate to about US$600 million in a month.  Where is the money coming from? This is where the whole problem starts. They can’t even find US$45 million to pay for the Bankswitch case. If you had US$20 million to sink why would you not lend government US$45 million to pay for the Bankswitch case and avoid the so called GH¢1 billion debt that we are hearing it’s supposed to come,” he said.

Credit: Daily Graphic


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