The cedi is continuing to gain strength against major foreign currencies, mainly as a result of the recent Euro bond floated by the Central Bank and inflows from the cocoa syndicated loan.
These have brought $1 billion and $1.7 billion respectively into the system, a situation which has helped stem the shortage of the dollar.
Inter-bank rates were as below:
US Dollar – Buying – GH¢ 3.1; Selling – GH¢3.45
GB Pound: Buying – GH¢5.2; Selling – GH¢ 5.6
Euro: Buying – GH¢ 4.1; Selling – GH¢4.4 .
On the black market, one dollar was bought at GH¢ 3.2, and sold for GH¢3.4; one pound was bought at GH¢5.0, and sold for GH¢ 5.1, while the Euro was bought at GH¢ 3.9, and sold for GH¢3.94.
At forex bureaux, on average, one dollar was bought at GH¢ 3.1, and sold for GH¢3.7; one pound was bought at GH¢5.6, and sold for GH¢ 6, while a Euro was bought at GH¢3.9, and sold for GH¢4.6.
Initiatives by the Bank of Ghana to stop the currency from depreciating further included the directive that all local transactions should be made in the local currency.
It also placed a limit on how much forex could be withdrawn at the counter, among other directives.
Credit: Daily Graphic