Private legal practitioner Lawyer Yaw Boamah Nyarko has urged urgent regulation of Ghana’s foreign exchange market to sustain the recent gains of the cedi and ensure long-term economic stability.
Speaking on Adom FM’s morning show, Dwaso Nsem, Lawyer Nyarko stressed that politicizing the cedi’s performance detracts from critical efforts needed to strengthen the economy.
“The cedi’s recent improvements are mainly due to reserves as of December last year, but government spending remains minimal, with contractors still unpaid. Real economic activity has yet to pick up,” he explained.
He expressed concern over forecasts from agencies like Fitch Solutions, which predict a possible depreciation of the cedi by year-end, describing such projections as sources of unnecessary panic.
“Stabilizing the cedi requires a sustainable strategy and effective management of resources,” Lawyer Nyarko said.
He also highlighted vulnerabilities in Ghana’s forex trading environment, describing it as “too open” and susceptible to black market influence.
“There must be strict regulations ensuring all forex transactions occur through legal and monitored channels,” he urged, calling on the government to take immediate action to curb illegal forex trading.
Watch the video below: