The Ghana cedi has crossed GH¢11 to the US greenback, in keeping with industrial financial institution quotes.
Checks by Pleasure Enterprise present that whereas some banks are promoting the greenback as excessive as GH¢11.30, others are quoting GH¢11.00.
Nevertheless, the Financial institution of Ghana’s official price as of yesterday pegged the greenback at GH¢10.90, whereas foreign exchange bureaus are promoting round GH¢12.20.
Regardless of the latest pressures, a Databank Analysis report signifies that the cedi stays Africa’s best-performing foreign money in opposition to the greenback, appreciating about 36% year-to-date, although that is down from over 40% earlier in August.
Rising Demand, Restricted Provide
Business banks attribute the strain to the restricted greenback provide from the Financial institution of Ghana alongside robust demand. Companies are looking for {dollars} to finance Christmas imports, whereas others are shopping for in anticipation of future shortage.
Knowledge additionally reveals that the central financial institution has scaled again provide by its foreign exchange auctions. Earlier this month, industrial banks demanded over $300 million, however solely $100 million was equipped.
A report by IC Securities additional revealed that ahead gross sales in July 2025 fell by 53.6% in comparison with June, with the Financial institution of Ghana absent from the market on July 25 and 29 — the primary time since April.
Response from Banks and BoG
Chief Govt of the Ghana Affiliation of Banks, John Awuah, says banks are working with the central financial institution to deal with provide challenges and again latest regulatory measures to advertise the cedi as the popular transaction foreign money.
One such measure is limiting massive overseas alternate withdrawals not backed by deposits.
The Financial institution of Ghana has acknowledged the latest strain however rejects claims of a greenback scarcity. Officers say some demand is speculative or not linked to real enterprise wants.
The central financial institution insists it has adequate reserves and can proceed to intervene strategically, guided by knowledge moderately than sentiment.
BoG has additionally dominated out straight fixing the alternate price, stressing that fluctuations are regular as long as they continue to be inside management.
It factors to new measures, together with a crackdown on remittance influx leakages, that are starting to indicate optimistic outcomes after sharp declines in April.
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