Why sit aloof & allow the black market determine currency rate- Importers & Exporters to BoG

Executive Secretary of the Importers and Exporters Association, Sampson Asaki Awingobit is wondering why the Bank of Ghana is sitting unconcerned over the activities of the black market.

He claims the failure to deal with the problem has further depreciated the cedi against the dollar and other currencies.

Mr. Awingobit said the system has allowed the black market to dominate the currency market, a situation he lamented is causing the cedi to further depreciate.

He questioned “why the Bank of Ghana will sit aloof and allow the black market to determine the rate for us?”

He also questioned why the central bank has refused to deal with banks who refer persons in need of the dollar to go to the black market.

Since January, the cedi has depreciated against the US dollar, making it the world’s second-worst performing currency after the Sri Lankan rupee.

Ghana’s annual inflation rate accelerated for the 14th straight month to 31.7% in July of 2022, from 29.8% in June.

The rate breached the upper ceiling of the central bank’s target band of 6% to 10% for eleven months.

It was the highest reading since December of 2003, surpassing market forecasts of 30.8%. Prices quickened further for both food (32.3% vs 30.7% in June) and non-food products (31.3% vs 29.1%), on the back of a weakening cedi, with prices of imported goods outpacing domestic ones for the fourth month.

On a monthly basis, consumer prices advanced by 3.1%, up slightly from a 3% rise in the previous month. source: Ghana Statistical Service.

By: Rainbowradioonline.com/Ghana

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