FX

The Bank of Ghana (BoG) has assured that it is implementing proactive measures to strengthen its foreign reserves in response to the ongoing depreciation of the cedi against major currencies. With the festive season approaching, the Central Bank is preparing for an anticipated increase in foreign exchange demand, a strategic initiative designed to stabilize the local currency. Currently, the cedi is trading at nearly GH¢17 to one U.S. dollar, reflecting a considerable year-to-date depreciation of 24.3 percent. In light of these pressures, the Bank aims to reassure businesses and consumers by working towards greater stability in the cedi through enhanced reserves. Speaking…

The Bank of Ghana (BoG) has assured that it is implementing proactive measures to strengthen its foreign reserves in response to the ongoing depreciation of the cedi against major currencies. With the festive season approaching, the Central Bank is preparing for an anticipated increase in foreign exchange demand, a strategic initiative designed to stabilize the local currency. Currently, the cedi is trading at nearly GH¢17 to one U.S. dollar, reflecting a considerable year-to-date depreciation of 24.3 percent. In light of these pressures, the Bank aims to reassure businesses and consumers by working towards greater stability in the cedi through enhanced reserves. Speaking…