{"id":250945,"date":"2024-11-14T16:14:38","date_gmt":"2024-11-14T16:14:38","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/14\/bogs-exchange-rates-are-artificially-created-dr-richmond-atuahene\/"},"modified":"2024-11-14T16:14:38","modified_gmt":"2024-11-14T16:14:38","slug":"bogs-exchange-rates-are-artificially-created-dr-richmond-atuahene","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/14\/bogs-exchange-rates-are-artificially-created-dr-richmond-atuahene\/","title":{"rendered":"BoG\u2019s exchange rates are artificially created \u2013 Dr. Richmond Atuahene"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/465\/46520149.295.jpg\" alt=\"Governor of the Bank of Ghana (BoG), Dr Ernest Addison\" title=\"Governor of the Bank of Ghana (BoG), Dr Ernest Addison\" width=\"295\" height=\"191\" \/> <span class=\"image_caption\"><span>Governor of the Bank of Ghana (BoG), Dr Ernest Addison<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p id=\"article-123\">Banking Consultant Dr. Richmond Atuahene has asserted that the slight gains in the cedi should not give Ghanaians hope because the Bank of Ghana\u2019s (BoG) exchange rates are simulated.<\/p>\n<p>As of the close of Tuesday, November 12, the cedi was appreciating marginally against the dollar.<\/p>\n<p>At the close of Monday, November 11, the rate for buying the dollar was GHC16.29 and was selling at GHC16.30. But on Tuesday, the dollar depreciated, and the cedi was buying at GHC16.24 and selling at GHC16.25.<\/p>\n<p>Speaking on Morning Starr with Naa Dedei Tettey, Dr. Atuahene noted that the small gains in the cedi\u2019s value should not provide false hope.<\/p>\n<p>\u201cWe shouldn\u2019t take solace in the 16-something exchange rate. The journey ahead is going to be tough,\u201d he said, adding that \u201cit\u2019s not going to be easy for Ghana.\u201d<\/p>\n<p>He also pointed out that the official rates quoted by banks do not reflect the real amount in the foreign exchange market.<\/p>\n<p>\u201cAt the beginning of the year, the cedi was at GHC11.9. And what you\u2019re telling me is not the true reflection because if you go to the bureaus, it\u2019s quoting GHC17.35. Because not everybody can go to the bank and do this business. And even if you go there, they don\u2019t have the dollars to give you.<\/p>\n<p>\u201cSo, it\u2019s an artificially created rate. The real rate is what you find outside because that is where it comes in,\u201d he said.<\/p>\n<p>Dr. Atuahene emphasised that the real rate is seen in the informal market, not the numbers provided by the Bank of Ghana, which he believes are not a true reflection of the country\u2019s exchange rates.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Governor of the Bank of Ghana (BoG), Dr Ernest Addison Banking Consultant Dr. Richmond Atuahene has asserted that the slight gains in the cedi should not give Ghanaians hope because the Bank of Ghana\u2019s (BoG) exchange rates are simulated. As of the close of Tuesday, November 12, the cedi was appreciating marginally against the dollar. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":250548,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-250945","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoG\u2019s exchange rates are artificially created \u2013 Dr. Richmond Atuahene - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/11\/14\/bogs-exchange-rates-are-artificially-created-dr-richmond-atuahene\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG\u2019s exchange rates are artificially created \u2013 Dr. Richmond Atuahene - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Governor of the Bank of Ghana (BoG), Dr Ernest Addison Banking Consultant Dr. Richmond Atuahene has asserted that the slight gains in the cedi should not give Ghanaians hope because the Bank of Ghana\u2019s (BoG) exchange rates are simulated. As of the close of Tuesday, November 12, the cedi was appreciating marginally against the dollar. 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