01
Nov
The Bank of Ghana (BoG) has affirmed that it is increasing its reserves to prevent the cedi's depreciation against major foreign currencies as demand for forex is expected to rise during the upcoming festive season. The apex bank believes the action is aimed at reassuring businesses and consumers by guiding the local currency towards greater stability in light of current pressures. Currently, the cedi is trading at around GH¢17 to a dollar on the forex market, representing a year-to-date depreciation of 24.3 percent. Governor of the of Central Bank, Dr. Ernest Addison emphasised that boosting reserves is crucial in managing fluctuations in the cedi's…