BoG confident about halting cedi fall
The Bank of Ghana says it has put in place adequate measures to hold the Ghana cedi from further depreciations in the coming weeks.
The assurance by the central bank follows significant fall in the cedi’s value over the past two weeks.
According to analyst, the challenge has come about because of the excess demand for the dollars by businesses that want to restock.
Others have attributed the the cedi’s recent challenges to moves by some multinationals to repatriate some of their profits outside the country.
This often results in some of these companies going out to demand more dollars to aid the payment of dividends.
Some also think that there was not enough dollars on the market at the beginning of the year thereby putting a strain on the local currency.
The cedi depreciation is hovering 3.9 percent from January to date, according to forex traders.
Whiles some commercial banks may sell one dollar for about 3 Ghana cedis 90 pesewas, you are likely to get a dollar from a forex bureau about 4 Ghana cedi.
According to some senior officials of the Bank of Ghana, the institution is already introducing some measures that will help moderate demand for dollars.
The central bank is also looking at controlling the repatriation of profits by some multinationals.