Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said that the exchange rate reflects a lot of day-to-day pressures in the economy.
The local currency which witnessed marginal recovery in December 2022, has now come under pressure in January 2023.
Per the Bank of Ghana rate, the Cedi, as of Tuesday, January 17 was 10.3305 and selling at 10.3409 to a Dollar.
Bank of Ghana Exchange Rates pic.twitter.com/OCeVEmXmT5
— Bank of Ghana (@thebankofghana) January 17, 2023
Speaking at the Public Appointments Committee of Parliament on Monday, January 16, Dr Addison “It reflects the movement on a day-to-day basis. If there is additional demand for cedis the currency will be restricted.
“The Central Bank cannot fix the exchange rate, it depends on what transactions have taken place like payments to contractors.”
He added “Typically that kind of payment can move the exchange rate because some of them immediately convert into foreign exchange. So the exchange really reflects a lot of day-to-day pressures in the economy.”
Source: 3news.com|Ghana