Cedi Depreciation: Bank Of Ghana Moves To Close Down Forex Bureaus Flouting The Law

• The Bank of Ghana is leaving nothing to chance in an attempt to stop the fall of the cedi against the dollar
• The central bank has announced that it will soon go after recalcitrant forex bureaus breaking the law
• The BoG says it has reports that some forex bureaus were setting forward rates

The Bank of Ghana (BoG) is stepping up the fight against the cedi's depreciation as it announces firm steps against forex bureaus flouting the foreign exchange laws.

BoG's Head of Financial Stability, Dr Joseph France, has said the central bank would soon clamp down on illegal forex activities.

He told Joy News that the central bank has already received complaints against some forex bureaus and has initiated investigations. He revealed, for instance, that some of the forex bureaus have been setting forward rates and failing to issue transaction receipts.

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"Some [forex bureaus] are determining forward rates which is bad. We will ensure that they all do good business," Mr France said.

He added:

"When we are done with the investigations and it warrants to close their bureaus, we will do that to serve as a deterrent to others."

The central bank is confident that the clamp down on erring forex bureaus will hold the sharp depreciation of the cedi against the dollar and other major trading currencies.

Ghana Cedi-To-Dollar Exchange Rate Has Broken The 10: $1 Now Selling at GH¢10.11 As At August 18

YEN.com.gh has reported in a previous story that the worst fears of Ghanaians about the precarious cedi-to-dollar exchange rate were confirmed on Thursday, August 18, 2022.

Now $1 sells for GH¢10.11 at some forex bureaus in the capital.

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YEN.com.gh’s monitoring of the local forex market suggests the cedi performance against the dollar and other international trading currencies has gotten shoddier.

Cedi Ranked Worst Performing Currency In The World

The cedis’ woes seem so deep that a recent performance ranking scored it as the worst performing currency in the world.

According to Bloomberg, even the Rupee of politically destabilised Sri Lanka was performing better.

Bloomberg says it tracked the performance of 150 currencies worldwide since January 2022 to arrive at its bleak verdict on the Ghanaian cedi.

Source: YEN.com.gh