BoG boosted the quantity of dollars that it sells to commercial banks through its Forex Intermediation Program.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd

The Bank of Ghana has increased the amount of dollars that it sells to commercial banks through its Forex Intermediation Programme.

Since the beginning of this year, the Central Bank has been selling about US$110 million on average to the banks through its auction programme.

The regulator disclosed to the dealers that additionally the “Bank has observed a persistent build-up in FX [forex] demand and volatility in the FX market, as reflected in recent auction bids and will therefore intervene with US$350 million solely to cover residual unmet bids from the auction”.

For some market watchers, the action by the Bank of Ghana might have been influenced by the recent pressure on the Ghana cedi.

Source: newsthemegh.com