Governor of the Bank of Ghana (BoG), Dr Ernest Addison
Banking Consultant Dr. Richmond Atuahene has asserted that the slight gains in the cedi should not give Ghanaians hope because the Bank of Ghana’s (BoG) exchange rates are simulated.
As of the close of Tuesday, November 12, the cedi was appreciating marginally against the dollar.
At the close of Monday, November 11, the rate for buying the dollar was GHC16.29 and was selling at GHC16.30. But on Tuesday, the dollar depreciated, and the cedi was buying at GHC16.24 and selling at GHC16.25.
Speaking on Morning Starr with Naa Dedei Tettey, Dr. Atuahene noted that the small gains in the cedi’s value should not provide false hope.
“We shouldn’t take solace in the 16-something exchange rate. The journey ahead is going to be tough,” he said, adding that “it’s not going to be easy for Ghana.”
He also pointed out that the official rates quoted by banks do not reflect the real amount in the foreign exchange market.
“At the beginning of the year, the cedi was at GHC11.9. And what you’re telling me is not the true reflection because if you go to the bureaus, it’s quoting GHC17.35. Because not everybody can go to the bank and do this business. And even if you go there, they don’t have the dollars to give you.
“So, it’s an artificially created rate. The real rate is what you find outside because that is where it comes in,” he said.
Dr. Atuahene emphasised that the real rate is seen in the informal market, not the numbers provided by the Bank of Ghana, which he believes are not a true reflection of the country’s exchange rates.
