The Bank of Ghana (BoG) daily exchange rates announced have remained low, unrealistic, and irrelevant compared to the prevailing market conditions, and the rates determined by the forces of demand and supply for the three major foreign currencies in the country.
Consistently, the bank of Ghana has quoted interbank average exchange rates that do not come close to the rates at which the banks buy and sell the FX.
Today, 22nd November 2022, rates from the bank of Ghana are as usual also lower than the open market rates quoted by forex bureaus two weeks ago.
If consistently the rates by the BoG have had little impact on decision-making by actors in the market, what use it is for the very low and unrealistic exchange rates to be published anyway.
While the BoG is quoting selling rates as follows 1 USD ➔ ₵ 13.11 as the average rate on the open market is 1 USD ➔ ₵ 14.46
For the British pound, the BoG quoted a selling price as follows 1 GBP ➔ ₵ 15.48, but it is currently averaging 1 GBP ➔ ₵ 17.13
While 1 EUR ➔ ₵ 13.44 per the BoG, it is averaging 1 EUR ➔ ₵ 14.84 on the market.
BoG daily exchange rates have remained low, unrealistic, and irrelevant. Check them and compare the rates to what is on the market yourself.
