Per the rate from the Bank of Ghana (BoG) on Monday, March 10, the Cedi was buying at 15.5422 to a Dollar, and selling at 15.5578.
The Pound Sterling was buying at 20.0697 and selling at 20.09 13. The Euro was buying at 16.8639 and selling at 16.8792.
The current managers of the economy have indicated their resolve to stabilise the Cedi against the major trading currencies.
President John Dramani Mahama told Finance Minister Dr Cassiel Ato Forson that Ghanaians were expecting him to stabilise the Cedi and bring down inflation.
Speaking after swearing his minister into office at the seat of government in Accra on Wednesday, January 22, Mr Mahama said “To you Dr Ato Forson, Ghanaians expect you to reduce inflation, make life more comfortable.
“They expect you to bring the national public debt to sustainable levels, they are looking to you to stabilise our currency and to bring down inflation.”
Recently, the new Governor of the Bank of Ghana (BoG), Dr Johnson Asiama also announced that his priority was on the need to preserve exchange rate stability and limit excessive volatility in the rates.
In this regard, he said, the Bank of Ghana under his leadership will engineer a well-functioning, and stable foreign exchange market to support economic activity.
Speaking after his swearing-in on Tuesday, February 25, he said “The days of currency speculation and exchange rate instability must come to an end, and we are poised to ensure this happens. ”
Among others, he said they “will implement strategic interventions, including the enactment of a new foreign exchange law to replace the Foreign Exchange Act 2006 (Act 723); implement targeted market operations to eliminate leakages of forex and improve our reserves management; deepen our participation in the Pan African Payment and Settlement System (PAPSS), allowing Ghanaian businesses to trade across Africa using local currencies instead of always relying on the US dollar; implement further reforms in the remittance space and collaborate with the Fintech and remittance agencies to harness remittances as a major source of FX; introduce structured and transparent systems that ensure fair pricing and fair distribution in the forex market; leverage our gold reserves and strategic foreign assets more effectively to support the Ghana cedi; reform the Bank of Ghana’s Domestic Gold Purchase Programme to improve efficiency, enhance reserve accumulation, and increase transparency in gold transactions.”
Through these measures, he said they will build a more resilient foreign exchange market that inspires confidence among investors and businesses.
Source: 3news
