BOG releases 218.5 million dollars to curb cedi depreciation
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The Bank of Ghana has released almost 220 million dollars to prevent the cedi from depreciating further. The move follows pleas from commercial banks.
The intervention by the Bank of Ghana comes after the local currency fell by half a percent in the past two weeks. This is due to the demand for the dollar by both local and foreign investors.
Import businesses are turning to the currency to cover import bills. However, economists say the intervention by the central bank hasn’t stopped the cedi from continuing its downward slide.
By the close of business yesterday the cedi was at 1.71 to the dollar. The Central Bank however says, the decision to release 218.5 million dollars is not an attempt to shore up the local currency.
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Accra, May 17, 2012
Government’s management of revenue generated from the country’s oil and gas resources will today come under intense scrutiny ... 