The Bank of Ghana (BoG) has justified the amount of dollars it releases onto the market, to support operations of commercial banks in the country.
This follows concerns that the limited amount of dollar cash being released onto the market has contributed to the cedis’ fast rate of depreciation over the past weeks.
The local currency has witnessed some significant depreciation selling at GH¢5.51 at the end of trading on February 25, 2019.
The Central Bank, on the other hand, argued that they are very active on the market in terms of the dollar cash support.
The Head of Financial Markets at the Bank of Ghana, Stephen Opata in an interview stated their supports are influenced by several factors on the market including, demand for dollars and the Central Bank’s dollar reserves.
STORY BY: NANA AKUA FREMAH/BUSINESS DESK