The BoG must set a 5% cap on forex bureau rates. Dr. John Kwakye on interbank rates

According to Dr. John Kwakye, Director of Research at the Institute of Economic Affairs (IEA), the Bank of Ghana (BoG) must set a ceiling of 5% on forex bureau rates compared to interbank rates to stop speculative devaluation.

The Ghana Cedi is now trading against the dollar at a buying price of 13.0019 and a selling price of 13.0149, according to Interbank FX rates provided by the BoG as of November 1, 2022.

As of Wednesday, November 2, the Cedi is trading with the Pound Sterling at a purchasing price of 14.9041 and a selling price of 14.92.3.

As of Tuesday, November 1, the pound sterling was being purchased at a currency office in Accra at a cost of 14.20 and being sold at a rate of 16.00.

Dr. Kwakye tweeted in response, “To stop speculative depreciation, the BoG must put a 5% ceiling on forex bureaux rates vis-à-vis interbank rates.”