“This formed part of the measures taken by the Bank to address the FX liquidity constraints within the local petroleum sector and aid price discovery, especially for the general pricing window within the downstream sector”, he noted.Īlso, Dr.
“To ease off increased volatility in the foreign exchange (FX) market, the Bank extended the forward auctions to include the Bulk Oil Distributing Companies”. Addison said: “The FX pressures, coupled with tight forex liquidity due to absence from the international capital markets, contributed to the significant currency depreciation”.Ĭumulatively, he said the Ghana cedi depreciated by 15.8 percent against the US dollar in the year to 18th May 2022, compared with an appreciation of 0.5 percent in the same period of 2021. Speaking at the 6th CEO Summit in Accra on Monday,, Dr. The Ghana cedi, he noted, came “under severe pressure in the first quarter of 2022 as offshore investor’s exited positions in domestic securities at a time when domestic demand for forex had increased”. Bank of Ghana Governor Ernest Addison has said developments in global capital markets, combined with internal challenges that resulted in the rating downgrade of Ghana’s economy, have played out to exacerbate price and exchange rate pressures in the domestic economy.
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