Important payments were made possible by the reported $10 billion in FX market help this year – BoG clarifies

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

Bank of Ghana (BoG) has clarified that the reported $10 billion forex market support provided this year was used to facilitate critical payments, not solely to defend the cedi.

According to the Central Bank, the funds covered obligations to Independent Power Producers (IPPs), bondholders, dividend payments and other essential commitments. JOYBUSINESS understands that a significant portion of the funds went into bond repayments.

Sources close to the Bank of Ghana told JOYBUSINESS the amounts auctioned were not primarily for defending the Ghana cedi but for supporting major payments across the economy over the past 11 months.

Source: newsthemegh.com