BoG fails to release today’s Inter Bank Exchange Rates until 5pm

The Bank of Ghana has done the unthinkable by failing to update the public with the Inter Bank Exchange Rates for Tuesday, 15th November 2022 until 5 pm. At the time of the release of the rates for the day, business for the day had closed.

The Bank of Ghana released the day’s morning exchange rates at 17:01 GTM.  It is not clear why the BoG failed to update the public until 5 pm and also failed to add any explanations. Keeping the market in the dark can be very dangerous to the gains the government is seeking to attain as the Cedi continues to depreciate against the major trading currencies.

One of the principles for information and communication quality is the timeliness of the information provided to aid in informed decision-making by actors within the market.

The BoG would have done the public a lot of good if it did not go ahead to provide a delayed update of the interbank rates at the time it did. On the open market, one dollar was selling between GHS14.45 and GHS15.00 fat at the time the BoG released this delayed interbank rates.

However, the information provided by actors in the market including Cedi Rates earlier before the start of the day’s business on 15th November indicated the following selling rates.

1 USD ➔ ₵ 14.45  

1 GBP ➔ ₵ 17.09  

1 EUR ➔ ₵ 15.03

₿ 1 BTC ➔ ₵ 243,148

However, the delayed interbank rates from the Bank of Ghana which has remained less useful to actors quoted the following selling prices for the three major currencies against the dollar.

BoG Inter Bank Exchange Rates after 5pm

1 USD ➔ ₵ 13.08

1 GBP ➔ ₵ 15.38

1 EUR ➔ ₵ 13.53

From the above two separate rates for the day, it is evidently clear that the BoG rate for the dollar is lower by GHS1.38 compared to the rates quoted by Cedi Rates early this morning.

The difference in rate for GBP and EUR between BoG and Cedi rates was Ghs1.71 and GHS1.5 respectively.

READ: Foreign Exchange Rates for Ghana Today Out

BANK OF GHANA’S LATE EXCHANGE RATES WERE RELEASED AT ABOUT 5 PM THIS EVENING