Bank of Ghana introduces real-time platform to stabilize the cedi
- Ghana's central bank has introduced a platform that helps with real-time forex trading among commercial banks
- The bank has indicated that the platform would go a long way to stabilize the cedi against major trading currencies
- According to the governor of the Bank of Ghana, the platform joins a series of safety measures being rolled out
Our Manifesto: This is what YEN.com.gh believes in
The Bank of Ghana has introduced a platform with which commercial banks can trade in real-time.
The decision, according to the Central Bank, is in line with measures to help stabilize the cedi against its major trading currencies.
Referred to as the Refinitiv Matching Platform, it forms part of the Bank of Ghana’s plan to provide a transparent trading system.
READ ALSO: Akufo-Addo names a number of car manufacturers who will soon start operating in Ghana
This, per a report by Business Insider, would create a stable pricing strategy for the local currency.
According to the governor of the Bank of Ghana, Dr. Ernest Addison, the platform is the latest addition to the number measures the bank is employing to stabilize the cedi.
“The adoption of this platform is key to deepening the local FX market, and we, therefore, expect full adoption from every bank.
I expect this platform to play an effective role in further transforming the interbank market into a deeper, liquid and more efficient one which would, in turn, support the central bank’s mandate of price and financial stability,” Dr Addison noted.
YEN.com.gh understands that other major stakeholders such as the Bulk Oil Distribution Companies and mining firms would soon be rolled unto the platform.
This would help them see in real-time the trading position of the cedi against the other currencies.
In other news, a taxi driver has argued that Ghana has no president at the moment, given the state of the country.
In an interview with YEN.com.gh, the driver, whose identity is yet to be established, stated that it is wrong to say there is a president given the suffering Ghanaians are enduring.
His comment came on the heels of a question about how he would rate the current Akufo-Addo-led government.
The man went on to say that he is a Ghanaian as he was born in this country, but he is doubtful there is a leader.
He then wondered how excavators can go missing as if they are needles if there was indeed someone in charge.
If the taxi business was good, he noted, most of his colleagues would not have lined up their vehicles as they have done.
READ ALSO: Akufo-Addo advises minority in Parliament to desist from ill-judged pronouncements
Read the best news on Ghana #1 news app. Install our latest app for Android and read the best news about Ghana
My VGMA ban a positive thing, I wish it was extended – Stonebwoy | #Yencomgh
Do you have a hot story or scandal you would like us to publish on YEN.com.gh? Please contact us on Facebook or Instagram now!
Source: YEN.com.gh
