{"id":255994,"date":"2024-11-26T16:55:29","date_gmt":"2024-11-26T16:55:29","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/26\/whose-interest-is-the-heavy-intervention-in-the-fx-market-serving\/"},"modified":"2024-11-26T16:55:29","modified_gmt":"2024-11-26T16:55:29","slug":"whose-interest-is-the-heavy-intervention-in-the-fx-market-serving","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/26\/whose-interest-is-the-heavy-intervention-in-the-fx-market-serving\/","title":{"rendered":"Whose interest is the heavy intervention in the FX market serving?"},"content":{"rendered":"

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\"Ernest Ernest Addison, BoG Governor<\/span><\/span><\/p>\n<\/div>\n

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The Director of Research at the Institute of Economic Affairs, John Kwakye, has questioned the Bank of Ghana’s intervention to stabilise the cedi a few weeks before the December 2024 elections.<\/p>\n

He questioned the bank’s decision to act just days before the 2024 general election.<\/p>\n

The Bank of Ghana sold over $200 million in the forex market in the first week of November to stabilise the cedi against major trading currencies.<\/p>\n

The local currency has somewhat responded positively and has declined marginally in the past few weeks.<\/p>\n

John Kwakye wrote on X: “What must be the reason for the BoG to intervene heavily in the FX market to appreciate the cedi just a few weeks before the election? Whose interest is the Bank serving?”<\/p>\n

The cedi has come under intense pressure this year, selling at GH\u00a217 from GH\u00a212 at the beginning of 2024.<\/p>\n

After the Central Bank’s intervention, the cedi is currently trading between GH\u00a215.90 and GH\u00a216.40 at the Bank of Ghana and some major forex bureaus as of November 26, 2024.<\/p>\n

SSD\/MA<\/p>\n

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