BoG daily exchange rates have remained low, unrealistic and irrelevant

by Wisdom K.E Hammond · November 22, 2022

Dollar to Cedi Exchange Rates for January 12, 2023: $1 selling for 12.86 (VISA) US Dollar to Ghanaian Cedi US Dollar to Ghanaian Cedi Rates Go Up In All Banks US Dollar to Ghanaian Cedi Exchange Rate . Over the last week, the Ghana Cedi seemed to have gained value as the Exchange Rate of the cedi appreciated and was sold below GHS13.00 for a BoG daily exchange rates have remained low, unrealistic and irrelevant Bank of Ghana Exchange Rates

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.

READ:Bank of Ghana Exchange Rates and Cedi Rates Out

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.