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The Bank of Ghana has released additional 104 million dollars onto the market today to shore up the value of the cedi after releasing 218.5 million dollars last week. 74 million dollars of this new amount will go to support the country’s oil imports needs with the remaining 30 million dollars going into the operations of commercial banks.
Commercial Banks however tell JOYBUSINESS, their demand for more dollars from the central bank was not met even half way as it covered more of oil imports rather than their demands. Officials of the central bank have however blamed the current drop in the value of the cedi on the high interest-drive by currency traders in commercial banks.
The central bank’s intervention with 218 million dollars hasn’t however exactly achieved the desired impact as the cedi continued to fall in value today. You would now need 1 cedi 73 pesewas to buy a dollar on the Forex Market.
Meanwhile, small scale traders in the import business represented by the Ghana Union of Traders Association (GUTA) tell JOYBUSINES, the current situation is already affecting their dealings. Analysts say the Bank of Ghana need to do more to stem the cedi from further depreciation.