The BoG’s involvement in the foreign currency market has increased.

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

The Bank of Ghana (BoG) has stepped up its intervention in the foreign exchange market, increasing the size of its latest forward auction to commercial banks.

The Central Bank, through a 7-day forward auction held earlier this week, sold US$208 million to banks—more than double its initial offer of US$100 million.

Official results showed that the auction cleared between GH¢11.80 and GH¢12.15 to the dollar, with closing quotes settling at GH¢12.05/12.15.

The latest injection comes at a time when the BoG has been less aggressive with its dollar sales in recent months, fueling concerns among banks and market players.

Source: newsthemegh.com