Bank Of Ghana Positive About Curbing The Fall In Cedi

The Bank of Ghana says it is putting up proper measures to control the depreciation in the Ghana Cedi in coming weeks. The guarantee by the central bank follows significant fall in the cedi’s value over the past two weeks.

‘The challenge has come about because of the excess demand for the dollars by businesses that want to restock’, an analyst said.

Others have attributed the current challenges in the cedi’s to moves by some multinationals to repatriate some of their profits outside the country. This often results in some of these companies going out to demand more dollars to support the payment of dividends.

Some also think that the insufficient dollars on the market at the start of the year put a strain on the local currency.

According to forex traders, the cedi depreciation is hovering 3.9 percent from January to date. While some commercial banks may sell one dollar for about 3 Ghana cedi’s 90 pesewas, it is more likely to get a dollar from a forex bureau for about 4 Ghana cedis.

The central bank is also looking at controlling the repatriation of profits by some multinationals.