Why do you always lie to us about the exchange rates? BoG quizzed

Why do you always lie to us about the exchange rates? BoG quizzed after it released its interbank rates for January 4th 2023 on Twitter. 

The Bank of Ghana interbank rates it posts on each business day have been disputed once again by a cross-section of Ghanaians.

The rates quoted by the BoG has been described by some as deceptive rates aimed at propaganda in favour of the government.

These allegations and name-calling thrown at the BoG are because the rates quoted were not the reality on the open market.

Exchange rates quoted by the various banks and Forex Bureaus such as Afriswap Bureau De Change are very high compared to those from the BoG.  Afriswap quoted a buying rate of GHS11 for the Dollar and GHS11.70 as selling price, while that of the Bank of Ghana was hovering around GHS8.50 for both buying and selling rates.

While it is important to explain that the Bank of Ghana interbank rate is the average rate obtained by the BoG after it has than a basic arithmetic of summing up all banking rates divided by the number of Banks to obtain the said rate, it is equally worrying that many stakeholders to see banks quoting buy and sell rates above GHS9.00 yet the BoG’s average rates are below GHS8.60. The rate for the dollar with a quick search for Dollar to Cedi rate on Google is GHS10.19 for the day.

READ: US Dollar to Ghanaian Cedi Exchange Rate for Today Jan 4th, 2023

Comments left on the BoG rates for the day are signs that the rates by the BoG is lost credibility in the eyes of the public due to the consistent low rates which do not match the rates at which other actors in the foreign exchange market are buying and selling the major trading currencies.

Bank of Ghana Exchange Rates

US Dollar to Ghanaian Cedi Exchange Rate for Today Jan. 4th 2023 (Source – Cedi Rates)

READ: Dollar Exchange Rate Projections for First Working Day of 2023

At the GCB, the Buy rate for the dollar was GHS9.00  and the sell rate was GHS11.60.

At the Stanbic Bank, the Buy rate for the dollar was GHS9.00 and the sell rate was GHS11.00

At the ABSA, the Buy rate for the dollar was GHS8.70 and the sell rate was GHS10.90

At Fidelity Bank, the Buy rate for the dollar was GHS9 and the sell rate was GHS11.80. 

At the CalBank, the Buy rate for the dollar was GHS9.00  and the sell rate was GHS11.71

At the Binance P2P, the Buy rate for the dollar was GHS10.56 and the sell rate was GHS11.15

At the Ghana Association of Forex Bureaux, the Buy rate for the dollar was GHS10.50 and the sell rate was GHS12.00

Take a look at the comments that greeted the BoG rates posted for the day on Twitter.

Comment 1

Adanko daada adwe 🐵 rate

— CJ🐎 (@Sugar_CoatedGuy) January 4, 2023

Comment 2

Why do you always lie to us about the exchange rates @thebankofghana

— Qwame Phosu (@QwamePhosu) January 4, 2023

Comment 3

Propaganda paaa

— KHELLY KESTER (@Joe_khelly) January 4, 2023

Comment 4

Please stop updating us because it’s useless and baseless .

— Imoro kamil (@Imorokamil5) January 4, 2023

Comment 5

Stop lying 🤥

— KalyJay Ba gyaigyimi❤ SMALL ACCOUNTS PRESIDENT (@wbright444) January 4, 2023

Comment 6

The real rate… pic.twitter.com/hNxHOHF32I

— 🦁 (@eludr38) January 4, 2023

Comment 7

My dad sent me pounds on the 1st of January ibi 12 cedis oo.

— Certified Jamz Boy (@sumailakonney) January 4, 2023