{"id":2328,"date":"2019-01-29T09:03:56","date_gmt":"2019-01-29T09:03:56","guid":{"rendered":"https:\/\/www.aptnewsghana.com\/?p=2328"},"modified":"2019-01-29T09:04:03","modified_gmt":"2019-01-29T09:04:03","slug":"bog-rules-out-fixed-exchange-rate-regime-to-check-cedi-fall","status":"publish","type":"post","link":"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/29\/bog-rules-out-fixed-exchange-rate-regime-to-check-cedi-fall\/","title":{"rendered":"BoG rules out fixed exchange rate regime to check cedi fall"},"content":{"rendered":"\n<p>The  Governor of <a href=\"https:\/\/www.bog.gov.gh\/\">Bank of Ghana<\/a> (BoG), Dr Ernest Addison, has ruled out a  possible fixed cedi-dollar exchange rate despite the local currency\u2019s  perennial depreciation.<\/p>\n\n\n\n<p>Dr\n Addison made the remark following a push by some importers for the \nfixed exchange regime to help deal the blips in the cedi\u2019s value to the \nmajor trading currencies.<\/p>\n\n\n\n<p>The Governor told<strong> Joy Business<\/strong> that because of the structure of the economy, setting a fixed exchange rate will not be a good idea.<\/p>\n\n\n\n<p>&nbsp;\u201cWe have admitted that a flexible exchange rate better serve the need of the country,\u201d he said.<\/p>\n\n\n\n<p>The Governor was quick to add&nbsp;that despite the over 8.39 per cent depreciation of the cedi against the dollar, the cedi is doing better than other currencies.<\/p>\n\n\n\n<p><strong>Cedis\u2019 challenges&nbsp;<\/strong><\/p>\n\n\n\n<p>The local currency recently crossed the dreaded GHS5 mark, trading at GHS5.02 against the US currency.<\/p>\n\n\n\n<p>This was because demand for dollars by businesses to help finance their imports picked up strongly.<\/p>\n\n\n\n<p>However,\n it appears there has not been enough dollar support on the market to \ndeal with this challenge that businesses are facing.<\/p>\n\n\n\n<p>Figures from the Bank of Ghana shows that cedi depreciated by 8.39 per cent for last year. Within the first month of 2019, the local currency has hit 2.39 per cent <a href=\"https:\/\/www.investopedia.com\/terms\/d\/depreciation.asp\">depreciation.<\/a><\/p>\n\n\n\n<p>There\n have also been concerns about why the Bank of Ghana has not actively \nsupplied dollars on the market even though the country\u2019s reserves are&nbsp;said to be over $7 billion.<\/p>\n\n\n\n<p>But  the Governor has maintained that there is the need to be strategic with  that type of intervention to ensure that all the country\u2019s  international reserves are not depleted.<\/p>\n\n\n\n<p>credit: <a href=\"https:\/\/www.myjoyonline.com\/business\/2019\/January-28th\/bog-rules-out-fixed-exchange-rate-regime-to-check-cedi-fall.php\">myjoyonline.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>The Governor of Bank of Ghana (BoG), Dr Ernest Addison, has ruled out a possible fixed cedi-dollar exchange rate despite the local currency\u2019s perennial depreciation. <a class=\"mh-excerpt-more\" href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/29\/bog-rules-out-fixed-exchange-rate-regime-to-check-cedi-fall\/\" title=\"BoG rules out fixed exchange rate regime to check cedi fall\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":2329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[55],"class_list":["post-2328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bog"],"_links":{"self":[{"href":"https:\/\/www.aptnewsghana.com\/index.php\/wp-json\/wp\/v2\/posts\/2328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.aptnewsghana.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aptnewsghana.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aptnewsghana.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aptnewsghana.com\/index.php\/wp-json\/wp\/v2\/comments?post=2328"}],"version-history":[{"count":1,"href":"https:\/\/www.aptnewsghana.com\/index.php\/wp-json\/wp\/v2\/posts\/2328\/revisions"}],"predecessor-version":[{"id":2330,"href":"https:\/\/www.aptnewsghana.com\/index.php\/wp-json\/wp\/v2\/posts\/2328\/revisions\/2330"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.aptnewsghana.com\/index.php\/wp-json\/wp\/v2\/media\/2329"}],"wp:attachment":[{"href":"https:\/\/www.aptnewsghana.com\/index.php\/wp-json\/wp\/v2\/media?parent=2328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aptnewsghana.com\/index.php\/wp-json\/wp\/v2\/categories?post=2328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aptnewsghana.com\/index.php\/wp-json\/wp\/v2\/tags?post=2328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}