BoG must impose 5% ceiling on forex bureau rates vis-a-vis interbank rates – Kwakye

The Bank of Ghana (BoG) must impose a 5% ceiling on forex bureau rates against the interbank rates in order to stem speculative depreciation, the Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye has said.

The Ghana Cedi, according to Interbank forex rates from the BoG as of November 1, 2022, is trading against the dollar at a buying price of 13.0019 and a selling price of 13.0149.

Against the Pound Sterling, the Cedi is trading at a buying price of 14.9041 and a selling price of 14.92.3 as of Wednesday, November 2.

At a forex bureau in Accra, the pound sterling was being bought at a rate of 14.20 and sold at a rate of 16.00, as at Tuesday, November 1.

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Commenting on this, Dr. Kwakye tweeted that the “BoG must impose a 5% ceiling on forex bureaux rates vis-a-vis interbank rates to stem speculative depreciation.”