The rapid depreciation of the Ghanaian cedi against major trading currencies is not slowing down as the cedi crossed the much dreaded double digits on forex market.
In the retail market or a forex bureau in Accra, the dollar is being bought at a rate of GH¢9.90 and sold at a rate of GH¢10.11.
However, the situation is slightly lower in interbank market. In the Interbank forex rates from the Bank of Ghana (BoG) on August 18, 2022, the Ghanaian Cedi is trading against the dollar at a buying price of GH¢8.0951 and a selling price of ¢8.1031. As compared to the previous day, the cedi was bought at the price of GH¢8.0751 and a selling price of GH¢8.0831.
Against the Pound Sterling, the Cedi is trading at a buying price of 9.7489 and a selling price of 9.7594 as compared to yesterday’s trading of a buying price of 9.7652 and a selling price of 9.7766.
Meanwhile, the Euro is trading at a buying price of GH¢8.2325 and a selling price of GH¢8.2407. Compared to the previous day, it was buying at a price of GH¢8.2185 and a selling price of GH¢8.2273.
In the forex market, the Euro is being bought at a rate of GH¢9.75 and sold at a rate of GH¢10.04.
The South African Rand is trading at a buying price of GH¢0.4854 and a selling at GH¢0.4858 at in the interbank market compared to previous day, it was trading at the price of GH¢0.4916 and a selling at the price of GH¢0.4921.
At a forex bureau in Accra, South African Rand is being bought at a rate of GH¢0.38 and sold at a rate of GH¢0.72.
The nation’s currency plunged 2.7 percent to a record low on Monday, which prompted the Bank of Ghana to call for emergency meeting.
Again, the cedi fell 1.6% on Tuesday, extending this year’s slump to 35% and making it the world’s worst performer among the 150 currencies tracked by Bloomberg, after bankrupt Sri Lanka’s rupee.
The Bank of Ghana’s monetary policy committee, meanwhile, held an emergency meeting on Wednesday to address the continuous weakening of the cedi and inflation.
The MPC in their meeting, hiked the rate by 300 basis points, to 22. As part of measures taken by the Committee, it raised the primary reserve requirement of banks from 12 percent to 15 percent. The Central Bank also indicated that it is working with the mining firms, international oil companies, and their bankers to purchase all foreign exchange arising from the voluntary repatriation of export proceeds from mining, and oil and gas companies.
However, it is yet to be seen if the policy measures will have it’s intended benefits.
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