Cedi freefall: task force to monitor all foreign exchange bureaux in motion-BoG

The Bank of Ghana (BoG) has established a task force to monitor foreign exchange bureaux for compliance, banning the advertisement of rates outside premises and on social media.

The BoG, aware of illegal operators, has collaborated with the Financial Intelligence Centre to regulate the market.

Recent measures include directly addressing corporate foreign exchange needs to reduce demand pressures on commercial banks.

In the election year, the BoG urges careful pronouncements to maintain economic confidence.

Despite recent currency depreciation, strong reserve build-up, fiscal consolidation, and external debt restructuring support the exchange rate.

The BoG forecasts inflation within 13-17% by year-end and maintains the Monetary Policy Rate at 29%.