The Ghana cedi remained relatively stable against major international currencies on Friday, June 19, with the Bank of Ghana assuring the market that it has sufficient foreign exchange reserves to meet demand and contain excessive volatility.
According to the central bank’s exchange rates, the cedi was buying at GH¢11.1644 to the US dollar and selling at GH¢11.1756.
Against the British pound, the cedi bought at GH¢14.7571 and sold at GH¢14.7730, while the euro traded at a buying rate of GH¢12.8022 and a selling rate of GH¢12.8138.
Speaking at the 130th Monetary Policy Press Briefing, Johnson Asiama assured businesses and market participants that the central bank is adequately positioned to meet seasonal foreign exchange demand without causing stress in the market.
He explained that the current demand for foreign currency is largely seasonal and driven by factors such as dividend repatriation and increased foreign exchange requirements within the energy sector.
Dr. Asiama urged market participants to remain calm, emphasizing that the Bank of Ghana has sufficient currency buffers to address temporary pressures and prevent undue instability in the foreign exchange market.
The Governor further noted that fluctuations in the value of the cedi are a normal feature of market dynamics, stressing that the central bank is primarily concerned with preventing excessive volatility rather than routine appreciation or depreciation.
Despite some pressure in recent weeks, he pointed out that the cedi has remained resilient, building on the strong performance recorded last year when it appreciated by more than 40 percent.
The Bank of Ghana maintains that its current reserve position and policy measures place it in a strong position to support exchange rate stability and ensure orderly market conditions in the months ahead.
Source:3news
