The Cedi was trading at 10.2449 to the US dollar and selling for 10.2551, according to the Bank of Ghana’s (BoG) rate on Monday, June 9.
At 13.9207 and 13.9357, the pound was buying and selling. 11.7277 and 11.7383 were the buying points for the euros.
The stability of the Cedi is not the result of excessive BoG action, according to Dr. John Kwakye, an economic expert to the Big’s Monetary Policy Committee.
It should be emphasized once more that the recent growth in the value of the cedi is the result of tight monetary policy, coordinated fiscal and monetary policies, high market confidence, high foreign exchange earnings from remittances, gold, and cocoa, and increasing reserves of gold held by the BoG. He commented on X, “It’s not because of too much BoG intervention.”
It's worth repeating that recent cedi appreciation is due to high fx receipts from remittances, gold and cocoa, increased BoG gold reserves, tight monetary policy, coordinated fiscal and monetary policies, and high market confidence. It's not due to excessive BoG intervention.
