The country’s ailing currency, for the first time in weeks, has seen no weekly loss in value against the US dollar.
The Bank of Ghana has given assurance that the recent appreciation will see a further improvement, given measures it has rolled out and coming of the cocoa syndicated loan that has provided the needed support.
While the cedi depreciated by 25.2 percent against the dollar in October alone as it started the month at a rate of GH¢9.6 to US$1 and ended with GH¢13.
Over the past one week, it has seen no depreciation against the dollar at all, according to data from the Bank of Ghana.
The local currency has remained at a rate of GH¢13 to US$1 as of the close of business on Friday, November 4, 2022.
Head of Other Financial Institutions Supervision Department at the Bank of Ghana, Yaw Sarpong, said the cedi’s strength against the dollar can be attributed to actions recently taken by the central bank to crack down on illegal forex activities, popularly known as black market operations, together with the closure of some forex bureaux which were not playing according to rules.
He further stated that the cocoa syndicated loan coming will also provide the bank with enough to address the forex needs of big transactions while the forex bureaux will focus on serving individuals with lesser need for forex.
The cedi in recent times has been depreciating against the dollar which has affected businesses and leading to Ghanaians calling for the removal of the Finance Minister.
Leave a Reply