At 20.0697, the price of the pound sterling was buying, and at 20.09 13, it was selling. At 16.8639 and 16.8792, the euro was buying and selling, respectively.
The economy's current managers have made it clear that they are committed to stabilizing the Cedi in relation to the main trading currencies.
Ghanaians were counting on Finance Minister Dr. Cassiel Ato Forson to stabilize the Cedi and lower inflation, President John Dramani Mahama informed him.
Mr. Mahama stated, "To you, Dr. Ato Forson, Ghanaians expect you to reduce inflation, make life easier," following the swearing-in of his minister on Wednesday, January 22, at the seat of government in Accra.
"They look to you to stabilize our currency and lower inflation, and they expect you to bring the national public debt down to manageable levels."
Dr. Johnson Asiama, the recently appointed governor of the Bank of Ghana (BoG), also declared that maintaining exchange rate stability and preventing undue volatility in the rates were his top priorities.
He stated that in order to encourage economic activity, the Bank of Ghana, under his direction, will design a stable and efficient foreign exchange market.
"The days of currency speculation and exchange rate instability must come to an end, and we are poised to ensure this happens," he stated following his swearing-in on Tuesday, February 25.
Dr. Johnson Asiama, the recently appointed governor of the Bank of Ghana (BoG), also declared that maintaining exchange rate stability and preventing undue volatility in the rates were his top priorities.
He stated that in order to encourage economic activity, the Bank of Ghana, under his direction, will design a stable and efficient foreign exchange market.
"The days of currency speculation and exchange rate instability must come to an end, and we are poised to ensure this happens," he stated following his swearing-in on Tuesday, February 25.
He stated, among other things, that they "will implement strategic interventions, including the enactment of a new foreign exchange law to replace the Foreign Exchange Act 2006 (Act 723); implement targeted market operations to eliminate forex leakages and improve our reserves management; deepen our participation in the Pan African Payment and Settlement System (PAPSS), making it possible for Ghanaian businesses to trade across Africa using local currencies instead of always relying on the US dollar; implement further reforms in the remittance space and work with the Fintech and remittance agencies to harness remittances as a major source of FX;
establish clear and organized procedures that guarantee equitable pricing and distribution in the foreign exchange market; better utilize our gold reserves and strategic overseas assets to bolster the Ghanaian cedi; Restructuring the Bank of Ghana's Domestic Gold Purchase Program will boost reserve accumulation, promote transaction transparency, and improve efficiency.
He claimed that by taking these steps, they will create a more robust foreign exchange market that gives businesses and investors more confidence.
establish clear and organized procedures that guarantee equitable pricing and distribution in the foreign exchange market; better utilize our gold reserves and strategic overseas assets to bolster the Ghanaian cedi; Restructuring the Bank of Ghana's Domestic Gold Purchase Program will boost reserve accumulation, promote transaction transparency, and improve efficiency.
He claimed that by taking these steps, they will create a more robust foreign exchange market that gives businesses and investors more confidence.