The Dollar is winning as Ghanaians accuse the BoG of massaging exchange rates again

Following the release of the Interbank Exchange Rates for today, 31st January 2023, Ghanaians have taken to Twitter to accuse the Bank of Ghana (BoG) of massaging the exchange rates it quotes. This is not the first time this accusation has been made.

Each day’s rate from the bank of Ghana has remained very low compared to the rates quoted by the banks and the Forex Bureaus.

Bright Simons also reacted to the BoG rates in a Tweet that read “Been scratching my head trying to figure out how the Bank of Ghana computes the interbank rate (the rate banks use among themselves). Banks use 1 of 3 main platforms: Reuters, Refinitiv/Eikon & Bloomberg. None of their midrates squares with BoG. At least spreads are shrinking.”

The rates quoted by Bright Simons from one of the sources Reuters, Refinitiv/Eikon & Bloomberg showed that the buying rate for the dollar today is GHS12.00 while it is selling at GHS13.

Is the BoG massaging exchange rates? Comments left on the Bank of Ghana Exchange rates posted for the day included the following

“All this is a lie…I HV been to the bank”

“BoG should stop the joke…….we’re serious………..just stepped out from a bank, the rates are higher hmmm”

“Rates are higher than this. I don’t know why u keep sharing lower rates when it does not apply to banks and forex exchange rates”

“You have started posting nonsense again”

The rate quoted by Forex Bureaus

Currency	Buy Rate
US Dollar¹ (USD)	12.20
British Pound (GBP)	15.00
Euros (EUR)	12.70

Currency	Sell Rate
US Dollar¹ (USD)	12.80
British Pound (GBP)	16.00
Euros (EUR)	13.70

The Bank of Ghana, rates for the three major currencies quoted below are way below that of the banks. Compare the bank of Ghana rates, that of the banks, and the Forex Bureaus and make your own conclusions if the rates by the BoG can be relied on for decision-making.

Dollar Exchange Rates from Cedi Rates

BANK OF GHANA EXCHANGE RATES FOR TODAY

The Dollar is winning as Ghanaians accuse the BoG of massaging exchange rates. The rates quoted by the BoG have been questioned.

Clearly, the rates quoted by the BoG are far lower and unreliable for making forex trading decisions