Cedi depreciation case against BoG dismissed

daniel russell

July 22, 2015 12:21 PM

According to the seven-member panel of judges presided over by Sophia Adinyra, the Supreme Court has no power to direct the Executive and the Bank of Ghana on how to manage the country’s economy.

The Supreme Court has dismissed a suit filed by private legal practitioner and banking lecturer, John Ephraim Baiden against the Bank of Ghana over the depreciation of the cedi.

John Baiden was asking the court to order the Central bank to stabilize the local currency after months of massive depreciation against major currencies.

The judges also indicated in their ruling that the Supreme Court is not the proper forum for the plaintiff to seek redress for his frustration with the management of the economy and currency.

Mr. Baiden on March 14 filed the case seeking among others, a declaration that “upon a true and proper interpretation of Article 183(2) (a) of the 1992 Constitution and Bank of Ghana Act 2002, Section 4(b), the Bank of Ghana has neither promoted nor maintained a stable currency for the Republic of Ghana.”

Mr. Baiden said the falling currency has caused him to lose wealth through exchange rate losses, and that he brought the action in the public interest.

Source: citifmonline.com

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daniel russell