• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

BoG rolling out measures to stabilise cedi

3 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
69
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

BoG rolling out measures to stabilise cedi

Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has assured the market that the rapid depreciation of the cedi against the US dollar will soon stabilise after a meeting with banks and forex bureaus concluded with workable plans.

According to the Governor, the recent sharp depreciation, which has seen the local currency plummet by more than 50 percent against the US dollar since the beginning of the year, is mainly due to speculation.

However, he mentioned that with the coming on stream of the US$750 million from the AfriExim Bank and US$790 million from COCOBOD syndicated loan, there will be enough forex supply for the market.

“Clearly, this type of movement does not reflect changes in the fundamentals. It is clear that the market is not functioning properly. We are seeing speculations taking over under very disorderly market conditions and it appears now the black market is rather driving exchange rates. This, we cannot allow to continue,” he said when he met managing directors of commercial banks and members of the Association of Forex Bureau Operators last Tuesday.

Dr. Addison also assured banks that the central bank has enough liquidity to supply into the system until conclusions with the International Monetary Fund (IMF) is concluded.

“I am aware of the recent developments in terms of liquidity in the banking sector. As I said, I took note of the advice from Washington on the financial stability issue that there has to be targeted liquidity support to preserve financial stability without undermining the inflation control objectives. So this is really the context we should have the discussion on all the complaints of we need liquidity and BoG not supplying liquidity.

RelatedPosts

Global Shipping Emissions Deal Sinks After Last-Minute Collapse

Silver Price Falls More Than 6% as Precious Metals Retreat

President Mahama to Launch $1.5bn Special Economic Zone, Expected to Create 60,000 Jobs

Yesterday I met the CEOs and I have assured them that we will provide the necessary liquidity to ensure that we don’t have a system of a liquidity problem. But we do that within the context of keeping inflation low,” he said.

Dr. Addison further stated that the central bank is bent on restoring order in the forex market by making sure the interbank market takes full control to enforce regulations surrounding forex trading so as to streamline the supply of foreign currency in the country.

The Governor, therefore, charged the Association of Forex Bureau Operators to be law compliant and cautioned them to desist from determining forex rates which had contributed to the speculation of rates, thus, creating unnecessary panic in the market, contributing to the rapid depreciation of the local currency.

Members of the Association of Forex Bureau Operators commended the Bank of Ghana for its role in clamping down on illegal forex dealers, as they say it will bring some sanity in the sector and ensure only licensed forex operators deal in exchange transactions.

To this effect, the bank, on Thursday, revoked the licences of two forex bureaus in Accra for breaching provisions in the Forex Bureau Act.

The two companies – Trade House Forex Bureau Ltd and Aiport City Forex Bureau Ltd – which are under the same ownership, according to Head of Other Financial Institutions Supervision Department at the Bank of Ghana, Yaw Sapong, were not issuing electronic receipts and not taking identity cards of customers, a practice they have been previously cautioned about.

Source: thebftonline
Tags: BoG rolling out measures to stabilise cedi
No Result
View All Result

Highlights

Ghana’s Oil Revenues Under Pressure: NorvanReports Xspace to Probe Whether Petroleum Can Still Power Development

Ghana Unveils 500,000-Job Plan Through Expansion of Economic Crops

GPL: Medeama and Samartex share spoils in Tarkwa thriller as Dreams FC secure first win of the season

Premier League: Postecoglou Sacked After Forest Defeat; Arsenal Stays Top with Win at Fulham

Verstappen Clinches Pole Position for US Grand Prix in Austin

Let’s Collaborate to Exploit Full Potential of AfCFTA – Mahama to Grenada PM

Trending

Business

Global Shipping Emissions Deal Sinks After Last-Minute Collapse

October 19, 2025

Global Shipping Emissions Deal Sinks After Last-Minute Collapse A decade-long effort to make the shipping industry the...

Silver Price Falls More Than 6% as Precious Metals Retreat

October 19, 2025

President Mahama to Launch $1.5bn Special Economic Zone, Expected to Create 60,000 Jobs

October 19, 2025

Ghana’s Oil Revenues Under Pressure: NorvanReports Xspace to Probe Whether Petroleum Can Still Power Development

October 19, 2025

Ghana Unveils 500,000-Job Plan Through Expansion of Economic Crops

October 19, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.