Bank of Ghana reported to Elon Musk for publishing “False Exchange Rates” on Twitter

The Bank of Ghana (BoG) has been reported to Elon Musk on Twitter for publishing false exchange rates. Over the last month, the BoG has been publishing very low interbank exchange rates consistently which might have infuriated some stakeholders.

Tugyimi rice a Twitter user tagged Elon Musk indicating the “BOG is spreading false information”

Another comment on the latest interbank exchange rate by BoG referred the BoG to the “accurate”  rates posted for the day by @CediRates

The BoG was also accused of being clueless about what can be done to stabilize the rate and push a dollar to the GHS10.00 regime.

This was followed by another Tweet “Shame that you guys can’t do anything to make the dollar price down to like 10 cedis per dollar. All u do is post rates … Who does posting the rate help. Don’t post the rate if there is no change. All we want is a positive change”

@elonmusk BOG is spreading false information

— tugyimi rice❤️ (@tom96235464) November 24, 2022

The dollar is set to hit GH¢15 in Forex Bureaus soon. The Afriswap Bureau De Change in Osu, Accra exchange rate for a dollar was GH¢14.95 as of November 23rd, 2022.

The interbank exchange rates from the Bank of Ghana indicate the dollar is selling at 13.1120 however forex bureau rates show that the cedi is technically selling at GH¢15.

With the reading of the budget set for today 24^th November 2022, the cedi may further depreciate if the budget lacks any economic sense aimed at taming the free fall of the cedi.

Today while the BoG quoted the selling price for the three major trading currencies as

 1 USD ➔ ₵ 13.1121

1 GBP ➔ ₵ 15.7895

1 EUR ➔ ₵ 13.1597

Cedi rates which has consistently published near-accurate rates within the same period quotes the selling prices for the day as follows.

 1 USD ➔ ₵ 14.35

1 GBP ➔ ₵ 17.34  

1 EUR ➔ ₵ 14.96 

Whether Elon Musk will ban the BoG Twitter account for the rates it has been posting is yet to be seen.