Interest rates on government securities shot up to 34% last Friday, October 28, 2022, but government failed to achieve its target in the latest Treasury bills auction.

The Bank of Ghana has assured it will not allow the ‘black market’ to drive the exchange rate market in the country.

The Bank of Ghana has assured it will not allow the ‘black market’ to drive the exchange rate market in the country. According to the Governor, Dr. Ernest Addison, it will do everything possible within its remit to ensure that black market dealers do not dictate to the market.

Some New Patriotic Party (NPP) parliamentarians are demanding the sacking of Ken Ofori-Atta as Finance Minister. The MPs, numbering about 80, held a press conference on Tuesday to impress on the President to relieve his cousin of the responsibility of managing the national purse or risk losing their support for government business going forward.

The woes of the Ghana cedi continued this morning as the local currency depreciated further to sell at ¢15.20 to one US dollar. This is about 3.4% depreciation in less than a day, after trading this morning, October 24, 2022, at ¢14.70.

The Ghana cedi lost further grounds Friday morning to trade at ¢14.70 to the dollar, quotations from the forex bureaus indicate. The local currency lost 20 pesewas in value to the American ‘greenback’. It sold for ¢14.50 last night.

Bringing you updates from the world of business

Bringing you updates from the world of business

The Ghana cedi has breached the ¢12 to the dollar mark within just a week, selling at ¢12.10 at most forex bureaus or the retail market.

The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at ¢11.62 pesewas in the retail market.