Lawsuit on Ghana cedi depreciation thrown out

The controversial suit by a private legal practitioner, Dr John Ephraim Baiden, at the Supreme Court of Ghana has been dismissed.
Dr Baiden was asking the court to order the Bank of Ghana (BoG) to introduce measures to stabilise the cedi.

According to a seven-member panel of the highest court of the land, they lack the monetary policy capabilities to grant the reliefs to the applicant.

Dr Baiden, who filed the case in July 2014 when the cedi was depreciating rapidly, said he has lost wealth through foreign exchange rate losses and wants the court to direct BoG to provide a stable currency.
Before Dr Baiden filed the case in 2014, the cedi had depreciated by about 40% against the dollar and other major currencies, a situation which forced traders to increase prices of goods and services, thus increasing the cost of living for Ghanaians.

Dr Baiden argued that the situation had gotten out of hand because Bank of Ghana failed in its duty to stabilise the currency.