Cedi-Dollar: BoG to publish daily exchange rates to control exchange market
The Central Bank has revealed plans to publish daily exchange rates between the cedi and dollar in a move to take control of the foreign exchange market from black market operators.
Making the disclosure on Thursday, October 27, Governor of the Central Bank, Dr Ernest Addison, noted the apex bank will do everything possible within its remit to ensure that black market dealers do not dictate to the market.
According to him, the Central Bank has created a Twitter page, purposely to give updates on the daily exchange rates between the cedi and the major trading currencies, particularly the dollar.
“I think we should try to understand what is going on in the foreign exchange market. We have decided to introduce a Twitter page with the daily exchange rate that will be released every morning by the Bank of Ghana. Because we do not want the black market to be driving exchange rates in this country. And, we are hoping that this alone will help clear a lot of noise on the exchange forum,” Dr Addison stated.
“There have been all kinds of rumours about some conversions and foreign exchange balances into cedis. Definitely, nobody has even thought of any such measure, so we need to deal with such rumours with contempt because we are not looking at that sort of intervention at all,” he added.
Meanwhile, the Central Bank, has denied social media reports of slapping restrictions on holders of foreign exchange accounts (FEA) and foreign currency accounts (FCA) in a move to halt the fast depreciating cedi.
Taking to its official Twitter page on Thursday, October 27, the apex bank described as “false” the social media reports of placing restrictions on foreign exchange accounts.
Reports were rife on social media platforms that the central bank has imposed new controls on the movement of foreign currencies in the country in a move meant to address the downward spiral of the cedi.
The cedi, since the beginning of this year has fallen in value by some 60% against the dollar, making it the world’s worst performing currency against the greenback.
