The dollar is being sold at rates ranging from GH¢15.95 to GH¢16.20, according to a survey by the Citi Business News team at various forex bureaux and banks in Accra. This development comes as the International Monetary Fund (IMF) recently lifted restrictions on dollar auctions by the Bank of Ghana, following a significant increase in the country’s reserves under a US$3 billion economic recovery program. The Ghanaian Cedi has crossed the GH¢16 mark against the US Dollar on the retail currency market.
The Bank of Ghana’s July 2024 Summary of Financial and Economic Data states that as of July 2024, the Cedi’s value on the interbank foreign exchange market decreased by about 19.6% in relation to the US dollar. This depreciation rate is marginally less than the retail market’s 21% fall. A few foreign exchange bureau owners in the capital referred to the state of the economy and the recent directive from the Bank of Ghana requesting Ghana cards as identification from clients prior to providing any kind of service.
Wilson Zilevu, an economic and fixed income analyst, found that market sentiment was a major contributor to the high exchange rates. He asked the Bank of Ghana (BoG) to reassure participants in the market about the availability of foreign exchange.
SOURCE: https://dew360.net
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