The Bank of Ghana (BoG), on Tuesday, 25th October 2022, met with stakeholders within the foreign exchange market, including the Managing Directors of the universal banks in the country and the Association of Forex Bureau Operators to deliberate on measures to streamline, sanitise and provide clarity on the supply of forex in the country.
In his opening remarks, the Governor of the BoG, Dr Ernest Addison, acknowledged that though the global economic meltdown occasioned by the geo-political tension between Russia and Ukraine had caused supply-demand imbalances in several commodity markets, high inflation, high cost of living and high uncertainties in financial markets.
He said the BoG was poised to work with relevant stakeholders to stabilise the foreign exchange market and help contain the fall in the value of the cedi.
“Available data indicate that we started the year GH¢6 to the dollar. It got to GH¢7 and we stayed at GH¢7 in June, GH¢7.6 in July, GH¢8 in August, GH¢9.6 in September and now it is GH¢12.5. But we are here again with people sending messages that the dollar-cedi rate is GH¢15 to a dollar” he indicated.
Source: Mybrytnewsroom.com/Kwabena Nyarko Abronoma
