Businesses are to pay at least GH¢15.95 for a dollar on the forex retail market.
Other forex bureaux are, however, selling a dollar for GH¢16.20.
The International Monetary Fund (IMF) recently lifted restrictions on dollar auctions conducted by the Bank of Ghana, citing a notable boost in the country’s reserves under a US$3 billion economic recovery programme.
According to the Bank of Ghana’s July 2024 Summary of Financial and Economic Data, the cedi has depreciated by around 19.6% against the US dollar on the interbank forex market as of July 2024.
This rate of decline is slightly better than the 21% depreciation recorded in the retail market.
In May this year, businesses called on the government and the Bank of Ghana (BoG) to act urgently to save the falling cedi.
Companies in manufacturing, commerce and other sectors said the persistent depreciation of the cedi against major international currencies, especially the US dollar, must be checked immediately because it was slowing their businesses and pushing a lot of cost on the consumer who must pay higher for products whether essential or luxury.
The Ghana Union Traders Association (GUTA) and the Chamber of Automobile Dealership Ghana (CADEG) said the depreciating cedi had pushed the cost of goods and services to rise, making it difficult for businesses to stay afloat.
Source: ClassFMonline.com/Terkperkuor Puor
