The Ghanaian press on Wednesday focuses on the injection of more dollars into the economy by the Bank of Ghana (BoG) with a view to controlling the depreciation of the Ghanaian cedi.The Daily Graphic said the move would help the country meet its daily foreign exchange demands as global pressures and the exit of investors from emerging markets cause
the cedi to depreciate.
The newspaper said a source at the BoG said on the average $157 million has been released by the bank for the month of September, after pumping $283.4 million in August.
The cedi is reported to have depreciated by 6.9 percent this year, more that the cumulative depreciation for 2017, which stood at 4.7 percent.
The cedi, the newspaper adds, was trading at GH¢4.42 to $1 in January, but was now selling at GH¢4.78 to $1 at the banks, while some forex bureaus are selling $1 at GH¢4.94.
The newspaper continues that the deputy governor of the BoG, Dr. Maxwell Opoku
Afari, has said the bank has increased its daily supplies to the market as part of cash flow measures to meet demands.
“We have enough stock of dollars to meet the daily demands and we have already supplied to meet investor demands,” he added.