The BoG is hinting plans to use it resources to guard the cedis from depreciating
• The BoG is hinting plans to use it resources to guard the cedis from depreciating
• It stated that it is monitoring trades on the international market and will take action to stabilize the cedis
• However, the cedis is trading against the dollar at a buying price of 5.7621 dollars and a selling price of 5.7679
The Bank of Ghana (BoG) has stated that it will do everything possible to ensure that the cedis is stabilized despite pressure from external factors such as the impact of COVID-19 on trading.
The BoG has given an assurance that it will use all its resources and tools to guard the cedi against the dwindling pressure it is being faced with.
According to a report sighted by GhanaWeb on Myjoyonline, the BoG’s plan is timely and prompt as the Ghana cedis is facing some strong depreciation pressure from other international currencies.
“We are also monitoring happenings in the global market and will take the necessary actions needed,” the BoG said.
The Central Bank also said it is coming up with this intervention to help the cedis find it foot to trade and compete with other currencies.
Meanwhile, the depreciation of the cedis has been attributed to the surge in corporate demand by businesses that are trying to pay dividends to shareholders, outside the country.
On the interbank market today July, 8, 2021 the cedis is trading against the dollar at a buying price of 5.7621 dollars and a selling price of 5.7679
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