BoG directs all foreign exchange bureaus advertising rates on social media to stop

The Bank of Ghana (BoG) has said it is committed to stabilizing the cedi's exchange rate, with sufficient foreign exchange reserves to support the market, as stated by Governor Addison at the 118th Monetary Policy Committee press conference.

The BoG urges economic agents to avoid speculative purchases and is implementing measures to improve market conduct.

These include working with banks to streamline foreign payment documentation and directly absorbing some corporate foreign exchange needs. The BoG is also targeting illegal operators in the foreign exchange market, enhancing compliance monitoring, and urging restraint in election-year pronouncements.

Despite challenges, the BoG aims to keep inflation within 13-17% by maintaining the Monetary Policy Rate at 29%.