Source: newsthemegh.com
As to their statement, the Bank of Ghana (BoG) “remains fully committed to providing stability in the exchange rate for the cedi”.
After the Monetary Policy Committee meeting on Monday, May 27, 2024, Governor Ernest Addison stated, “The Bank has enough foreign exchange reserves to support the market, and economic agents should stop engaging in speculative purchases as they will suffer economic losses when the correction occurs.”
“The pressure in the foreign exchange market reflected increased demand for higher imports, energy sector payments, and uncertainty surrounding the progress of debt restructuring negotiations with external creditors.” he reiterated.
On an annualized basis, he stated that “the Ghana cedi depreciated by 14.6 per cent against the US dollar as of 22nd May 2024 compared to 21.8 percent depreciation for the first five months of 2023” .