Council Of State Summons Ofori Atta, Addison Over Falling Cedi, Economy

The Ghanaian Cedi is currently trading at a little over GH¢10 to one dollar, sending panic among the business community. Following the disturbing situation, Chairman of the Council of State, Nana Otuo Siriboe is calling for an emergency council meeting asking members to

return from recess to meet managers of the economy. The council has therefore summoned the top managers of the country’s economy to answer urgent questions on various economy and financial issues agitating the minds of the members. The Minister of Finance,

Ken Ofori-Atta and Governor of the Bank of Ghana (BoG), Ernest Addison, are the  top officials summoned to appear before the Council today, Wednesday, August 24, 2022, all things being equal. Mr. Ofori-Atta is said to be outside the country. Sources close to the Council

said the two senior Government officials are to explain to members the reasons for the current rapid fall of the local currency against other major foreign currencies, especially the dollar, and also the current state of the economy as well as the rising prices of fuel. The

government has cited the global downturn, especially COVID-19 and Russia-Ukraine war, as the main cause of the challenge. The invitation to the top managers of the economy is coming on the heels of the notice served by the Ghana Union of Traders Association (GUTA)

to close all shops belonging to its members in Accra on Monday, August 29, 2022. This, according to the association, is to register its displeasure with the country’s current economic challenges, especially the free fall of the cedi.