No Bank of Ghana Exchange Rates After 72 Hours

      financial sector complaint

      No Bank of Ghana Exchange Rates After 72 Hours | Compare BoG Exchange Rates With Quotes From Commercial Banks

      For 72 hours since the markets closed on Friday 20th January 2023, there is no Bank of Ghana exchange rate for Friday, which is the average interbank exchange rate for the Friday 20th 2023 as at 9:52am on Tuesday 24th 2023.

      1. It appears the cedi crisis has returned in style as the Ghanaian cedi continue to loose against all foreign currencies after gaining so much in weeks in December

      2. The Ghana cedi appreciated from about Ghc15 in the first week of December to a little below Ghc8 on 20th December.

      3. However, those remarkable feet seem to have hit a support level and the cedi began to lose weight from the 21st of December.

      4. From the 21st of December to date, the cedi has continued to depreciate against the major foreign currencies.

      5. Uncharacteristic of the Bank of Ghana (BoG), which provides daily updates of the currency market mostly very early in the morning using the average interbank rate of the previous day, the BoG is yet to provide an update today, 24th January 2023 as at the time of going to press, 10:00am. A time that we normally receive the updates on the social media handle of the Bank of Ghana.

      6. Though bloggers and currency market watchers are wondering why the delay in the update by the Bank of Ghana, the reason seem very obvious. The cedi crisis is in full gear and the Bank of Ghana may not want to provide figures to support the new normal

      7. Since the updates by the central bank are an average of the previous days interbank rate, it appears the very sharp depreciation is what might be preventing the BoG from updating the public.

      See also: 5 Reasons Cedi’s Loss Of Value Re-start Again

      8. Even though the last update of the exchange rates, on Friday 20th January, quotes a dollar to cedi as 10.3509/ 10.3613 for the average exchange during the previous day on the 19th, the quote from the Ghana Commercial Bank, on Friday 20th, is 11.0000/12.7500

      9. Our team will be observing to bring the latest Bank of Ghana exchange rates to the attention of read or even the possible reason other than the cedi crisis for the no update from the Bank of Ghana

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