Lawyer petitions AG to prosecute BoG officials over depreciation of cedi

Private Legal Practitioner and Law Lecturer, Dr. John Baiden

Private Legal Practitioner and Law Lecturer, Dr. John Baiden is urging the office of the Attorney-General to prosecute top officials of the Bank of Ghana for the current state of the cedi.

“Our laws expect the BoG to protect and preserve our wealth that we have stored in the cedi. Money is said to be a store of value and thus value must be stable at all times”, portions of Dr. Baiden’s petition sighted by JoyNews reads.

Dr. Baiden in his petition stated that the Central Bank has since 1992 failed to live up to its constitutional mandate of ensuring a stable currency.

“It is our case that the BoG has no business referring to a Free Float Exchange Rate Regime. The BoG must elect an Exchange Rate regime that is compatible with or informed by its legal mandates – Article 183(2)(a) of the 1992 constitution”.

This provision reads;

“The Bank of Ghana shall – promote and maintain the stability of the currency of Ghana and direct and regulate the currency system in the interest of the economic progress of Ghana;”

The law lecturer argues that Ghana previously adopted a fixed or managed peg system where the BoG fixed the rate before moving to the current flexible market system.

He points out that as at the end of April, the cedi-dollar exchange rate was 7.51 to a dollar.

“The cedi depreciation is not abating; putting the entire population in a panic mode because general incomes and salaries are stagnant, unchanged and for some worsening due to the present adverse economic conditions as a result of the unstable cedi.”

He concludes by calling for prosecution of officials.

“The Bank of Ghana has compromised the Ghana cedi. It is out of line and must be brought back in line. Hopefully, the Prosecution will bring about conscientiousness and deterrence from here on out. Unstable currency equals unstable country. Ghana can do better.”

See petition below >>>