Cedi Crisis: No BoG Exchange Rate Updates. Kofi Asare has a disastrous personal experience at a bank

Cedi Crisis: No BoG Exchange Rate Updates. Kofi Asare has a disastrous personal experience at a bank

1. It appears the woes of the Ghana cedi have returned as the cedi starts losing 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, 29th December 2022.

6. Though bloggers and currency market watchers are wondering why the delay in the update by the Bank of Ghana, Kofi Asare, the CEO of Africa Education Watch, has provided a hint.

7. In a post on Wednesday, 28th December, Kofi Asare disclosed:

“Fidelity Bank is selling $1 to me for GHC 11.6; But gov’t says GHC 8.3. If you complain, party insects go bite you.

PR aban; Make i go sleep!”

8. Since the updates by the central bank are an average of the previous days interbank rate, it appears the very sharp depreciation of more Ghc3 (more than 300 basis point) within a day is what might be preventing the BoG from updating the public to avoid adding to the negative speculation.

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