Ghana Cedi hits 10ghc to a dollar: The Ghana cedi reached the ¢10 mark Tuesday, August 15, 2022, trading at ¢10.01 in the retail market.
At the same time, the cedi went from ¢10 to a euro.
Due to the recent steps announced by the BoG and the anticipated $750 million syndicated loan, the position of the cedi has become a serious concern for enterprises and home customers.
Continue: Ghana Cedi hits ¢10 to one dollar
The Bank of Ghana had put in place procedures, such as collaborating with multinational oil corporations, mining businesses, and their bankers to buy all foreign currency resulting from the voluntary repatriation of export revenues from mining, oil, and gas companies.
This, according to their analysis, will support the foreign exchange auctions of the central bank and subsequently the cedi.
The planned $750 million syndicated loan inflows might temporarily slow the cedi’s steep decline.
A few days ago, Joy Business reported that there was a dollar scarcity in the foreign exchange market as the Ghana cedi’s rate of depreciation approached GHc¢10 to the US dollar.
Following the confirmation of the US dollar’s shortage by several senior relationship managers and treasurers, it was said that the situation was “serious” and “may grow worse by the end of the week” if the relevant authorities, including the Bank of Ghana, did not step in.