Supreme Court dismisses suit over cedi depreciation

The Supreme Court has dismissed a suit filed by a lawyer, Ephraim John Baiden against the Bank of Ghana over the depreciation of the cedi.

Mr Baiden was invoking the court's jurisdiction to order the Bank of Ghana to stabilize the cedi and also make a declaration that the central bank has contravened the constitution by failing to stabilize the national currency.

According to the Lawyer, the decline of the cedi has affected him economically as he had lost some wealth through loses in foreign exchange. 

The court however said it is not the proper forum for the plaintiff to ventilate his frustrations.

The court was of the opinion that it has no power to direct the executive on how the economy should be managed and therefore finds it inappropriate for it to make an order for the formulation of a monetary policy.

According to the Supreme Court, the issue falls outside its constitutional mandate as it is a task for trained professionals at the Bank of Ghana. 

The court also said inflation is not affecting only Ghana, but a global phenomenon. 

The court held the view that if agricultural imports are reduced and poor attitude to work is improved, it could improve productivity and avoid waste.

GBC