Skip to main content

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

Comments

Post a Comment

Popular posts from this blog

CIMG holds strategic marketing conference

By: Fred Yaw Sarpong The Chartered Institute of Marketing, Ghana (CIMG)’s annual strategic marketing conference will take place at the Golden Tulip hotel in Accra between October 26 and 27, 2016. The conference is part of the institute’s mission to improve on the performance of marketers, professionals and administrators within corporate Ghana. The theme for the conference; “Democracy and National Cohesion: Marketing a new Political Paradigm.” Mr. Kwabena Akuamoah Agyekum, the Executive Director of CIMG said the conference seeks to promote the CIMG advocacy mission to impact on professional, corporate organizations and officialdom. He mentioned that four resource persons are billed to present papers over the two day event covering very exciting and insightful segments of the theme under the chairmanship of the Marketing Woman for Year 2015, Ms. Maidie Elizabeth Arkutu, Managing Director of Unilever and Dr. Doris Dartey, a Media Consultant. Mr. Agyekum said the speake...
Post a Comment
Read more

Vodafone Ghana gets new CEO

The Board of Directors of Vodafone Ghana have appointed Haris Broumidis as the new Chief Executive Officer (CEO). His appointment took effect from July 15, 2013. Haris Broumidis joined Vodafone in 2002 as the Marketing Director and Enterprise Unit Director in Vodafone Greece and moved on to Vodafone Albania as the CEO in 2007. Under his leadership, Vodafone Albania became the undisputable leader in the telecoms sector. In 2012, he joined Vodafone Group in its h eadquarters, London, as the Commercial Director for Europe. Among several other responsibilities he was tasked with the acceleration and implementation of Vodafone’s commercial priorities in European markets. He brings on board several years of experience and a winning strategy to strengthen Vodafone Ghana’s number two position in Ghana’s telecom market and also make it the undisputed leader for enterprise. Haris Broumidis is from Greece and studied Economics at the University of Athens. He pursued his MBA at the ...
Post a Comment
Read more

Barbering Salons, bridging the unemployment gap in Ghana

By: Fred Yaw Sarpong Barbering business in Ghana is money making venture, depending on the location of the shop. Various barbering shops scattered across the country charges according to the location of the shop. The nature and sustainability of every barbering shop depends on the location of the shop. The location will determine how much one can charge a customer for barbering his or her hair. Checks indicate that some barbering shops located at Spintex, East Legon and Osu Oxford street charges between GHc15.00 and GHc20.00 per hair cut. At South La Estate, it will cost a customer to pay GHc4.00 for hair cut, while one will have to pay GHc3.00 to barber his or her hair at a place like Nima, Maamobi and Mallam Gbawe. Royal Vulture Executive Barbering Salon is one of the biggest barbering salons one can locate within Accra. One is its shops is located at Madina, near Taxi rank while one is located at Accra New Town, near the Post Office. Customers at Madina pay GHc7.00 ...
7 comments
Read more