Today, November 15, 2022, the Ghana Cedi is trading against the dollar at a purchasing price of 13.0744 and a selling price of 13.0824, according to the Bank of Ghana's interbank exchange rates. Against yesterday's trading, which had a purchase price of 13.0694 and a sale price of 13.0824.
Today, November 14, 2022, the Ghana Cedi is trading against the dollar at a buying price of 13.0694 and a selling price of 13.0824, according to the Bank of Ghana's interbank exchange rates. As compared to the trading on Friday, which saw a buying price of 13.0694 and a selling price of 13.0824.
The Convention People's Party (CPP) General Secretary, Nana Yaa Jantuah, has voiced concern about the unlawful operations of the black currency market, which have greatly aided in the depreciation of the cedi against major trade currencies. She believes that the situation in which the parallel market was controlling the supply and rate of foreign exchange transactions was unacceptable and that all efforts should be made to control it in order to stop the cedi crisis.
Director of Strategy and Business Operations of Dalex Finance Joe Jackson, says he is willing to give the Finance Minister the benefit of the doubt. The targets are aggressive, but all parties are functioning with an understanding of the urgency of the issue, he stated on Eyewitness News.
The government needs to import 400 million dollars worth of petroleum each month, according to Dominic Nitiwul, the defense minister. This is how much the economy has expanded, he claimed. The economy has expanded to the point where we now need to import petrol alone on a monthly basis for $4 billion, he claimed.
After the Bank of Ghana and the government of Ghana took some steps, the Ghana cedi has started to get stronger against the US dollar. According to Charlie Robertson, the Global Chief Economist at Renaissance Capital, Ghana's local currency has got stronger over the past few hours, going from GH14.0 to the US dollar to GH13.6 on Monday, October 31, 2022.
The founder and former candidate of All people’s Congress (APC).Dr Hassan Ayariga alleged that Bank of Ghana contributes to the cedi’s depreciation. According to Dr Hassan Ayariga, the officials Bank of Ghana has engage in corrupt practice, such as giving illegal currency dealers (which is know as black market) dollars for their operation which affect the performance for of cedi against dollar.
Two Forex Bureaus operating within Accra have had their licenses of operation withdrawn by the Bank of Ghana for breaching the foreign exchange laws and failing to stop issuing receipts even though they were warned weeks ago by the Central Bank. The Head of the Other Financial Institutions Supervision Department at the Bank of Ghana, Yaw Sarpong, stated that the exercise was carried out to ensure sanity in the forex market.
The Bank of Ghana (BoG) has quit giving Foreign Exchange (FX) to banks and other monetary organizations to fund the importation of rice, poultry, vegetables and earthenware production, among others. The national bank pulled out the help this month as a component of endeavors to boost the nation's economy while empowering domestic production and the utilization of local substitutes.
According to the Bank of Ghana (BoG), Isaac Adongo, the member of parliament representing Bolgatanga Central, made baseless accusations in his remarks on Governor Ernest Adison. Isaac Adongo allegedly gave fake data that was made up without basis, according to the apex bank.
The president has raised the possibility that strong steps taken by his economic management team to stop the devaluation of the cedi will yield results. During a speech to the nation on Sunday, October 30, Nana Akufo-Addo reminded the Ghanaian business sector that the country is not the only one suffering from global events.
Ghanaian President Nana Addo Dankwa Akufo-Addo outlined measures to halt the depreciation of the Ghana cedi late Sunday. Akufo-Addo announced these measures in a televised nationwide address, blaming the COVID-19 pandemic and the Russian-Ukrainian conflict for the country's economic woes. He also blamed currency speculators and unlicensed currency dealers dubbed as "black market operators" for the recent sharp fall in the value of the Ghana cedi.
All Ghanaian commercial banks have been ordered by the central bank to suspend lending foreign currency for the importation of non-essential products such as rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water, ceramic tiles, and others. The Bank of Ghana reports that this instruction will take effect on Thursday, November 17, 2022.
On November 16, 2022, during the Connected Banking West Africa Summit, the Bank of Ghana received the "Best FinTech Policy of the Year" award within the Innovation and Excellence Awards category. The honour is given in appreciation for the many Bank of Ghana initiatives that have promoted digital financial services, accelerated financial inclusion, and established Ghana as a top FinTech business location in the West African subregion.
The Airport City Currency Bureau, located in the Atlantic Tower building, and Trade House Forex Bureau Ltd., a well-known forex bureau near the Marina Mall, have had their licenses withdrawn by the Bank of Ghana. The operators' refusal to provide receipts and violations of local regulations governing foreign exchange led to the closure.
The New Patriotic Party (NPP) has assured Ghanaians that the administration of President Nana Addo Dankwa Akufo-Addo is making every effort to lessen the difficulties facing the populace. The government is making a challenging choice to revive the economy so that all Ghanaians can benefit, according to the party's director of communications, Richard Ahiagbah.
Today, the Bank of Ghana has released a warning note to individuals who have refused to pay back their Mobile Money debts. According to BoG, they stated that some individuals have deliberately declined to partake in the current sim card registration exercise because of the debts they have accumulated on their sim cards.
Cassiel Ato Forson, the minority party's spokesperson on finance, has questioned the government's motivation to reach an agreement with the IMF before the drafting of the 2023 budget. “I doubt in the next six weeks we are going to have a programme. That will be a magic of a lifetime,” he said on Eyewitness News.
The Bank of Ghana (BoG) has issued a warning to anyone who has purposefully refused to register their SIM cards as part of the ongoing National SIM Card registration exercise to avoid repayment of a Mobile Money (MoMo) loan. Defaulters who do not intend to repay their acquired loans run the risk of being refused access to future credit facilities, according to the central bank.
You will not be Able to get a loan if you are owing any telecommunication network: Bank of Ghana Just recently, one of the telecommunication network in Ghana known as MTN decided to cancel all SIMS which has not been registered by Ghana card. Hell broke loose in this country, when this was said because there were many complaints which made them relax a little bit.