Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has highlighted that the Cedi came under intermittent pressures during the first three quarters of the 2024 year, but regained some value in the last quarter of the year.
He explained that increased demand for foreign exchange to support energy related payments, uncertainty around timelines on the conclusion of the external bond restructuring, uncertainties around COCOBOD financing arrangements, and election-related jitters exerted pressure on the currency.
By the end of the third quarter, he said, the currency had depreciated by 24.8 per cent on a year-on-year basis.
Addressing the 122nd Monetary Policy Committee (MPC)Press conference in Accra on Monday January 27, he said "In the last quarter, commercial banks' participation in the gold purchase programme for foreign currency, positive sentiments from the progress made in the debt restructuring and continued tight liquidity management caused the currency to appreciate.
