The Bank of Ghana (BoG) has assured the public of its capacity to comfortably meet seasonal foreign exchange demands, describing recent pressure on the local currency as a temporary trend.
According to official interbank rates released by the central bank on Monday, June 22, the Ghana cedi opened the week buying at 11.2094 and selling at 11.2206 to the US dollar. This represents a slight decline from Friday, June 19, when the cedi closed trading buying at 11.1644 and selling at 11.1756 against the dollar.
For other major international currencies, the cedi traded against the British pound on Monday at a buying rate of 14.8199 and a selling rate of 14.8359, compared to Friday’s rates of 14.7571 and 14.7730, respectively. Against the euro, the local currency bought at 12.8523 and sold at 12.8639 on Monday, down from Friday’s buying rate of 12.8022 and selling rate of 12.8138.
Speaking at the 130th Monetary Policy Press Briefing, Bank of Ghana Governor Dr. Johnson Asiama stated that the apex bank maintains sufficient foreign currency buffers to satisfy market requirements. He linked the current seasonal surge in forex demand to energy sector requirements and corporate dividend payments, urging market participants to remain calm as the bank works to avert extreme fluctuations.
The Governor also stressed that the cedi’s movement is an endogenous variable. Appreciation or depreciation is normal, but excessive volatility is what the Bank watches closely.
Despite the recent downward pressure, the cedi has maintained overall resilience, supported by an appreciation of more than 40% recorded over the previous year.