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Cedi reaches ¢10 to a dollar; BoG policies could short-term stop depreciation

The Ghana cedi reached the ¢10-mark Tuesday, August 15, 2022, trading at 10.01 in the retail market.

The cedi traded at ¢10 to the euro at the same time.

Due to the recent steps announced by the Bank of Ghana and the anticipated $750 million syndicated loan, the position of the cedi has become a major concern for businesses and household consumers.

The Bank of Ghana had put in place procedures, such as collaborating with multinational oil corporations, mining businesses, and their bankers to buy all foreign currency resulting from the voluntary repatriation of export revenues from mining, oil, and gas companies. This, according to their analysis, will support the foreign exchange auctions of the central bank and subsequently the cedi.

The planned $750 million syndicated loan’s inflows could temporarily slow the cedi’s precipitous decline.

The currency market is affected by a lack of dollars, and the cedi is close to the ¢10-mark.

A few days ago, Joy Business reported that there was a dollar shortage on the foreign exchange market as the Ghana cedi’s rate of depreciation approached GH¢10 to the US dollar.

Following the confirmation of the US dollar’s scarcity by several senior relationship managers and treasurers, it was stated that the situation was “serious” and “may get worse by the end of the week” if the relevant authorities, including the Bank of Ghana, did not step in.

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