The Bank of Ghana (BoG) has assured the general public and businesses not to panic because it has enough dollars to meet their demands and support the cedi.
As at close of business on November 17 some banks were quoting ¢4.56 against a dollar with some analysts describing the cedi’s performance as the worse for the year.
A lot of reasons have been given for the current woes of the Ghana cedis.
According to some market players, the cedis’ challenge came about as a result of the sudden pick up in corporate demand of the American currency, which was not met with the required supply on the market.
Some of the traders with the commercial banks have also told JoyBusiness that the heightened demand has also been influenced by attempts by traders to quickly clear their imports before the Chinese holiday season.
Some traders of the commercial banks have also argued that there has been little intervention by the Central Bank to help deal with the situation.
Though, persons close to the BoG have rejected this argument insisting that most of these demands are not backed by “real demand” from businesses.
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