The First Deputy Governor of the Bank of Ghana, Dr.
Mumuni Zakaria, says the central bank is not using up reserves to support the cedi.
He insists the recent gains are not artificial. "If we were that heavy in terms of our support to the market, we would not be doing well with our reserves accumulation," he said.
He described the market rally as credible and rooted in real confidence, dismissing speculation that the central bank is drawing down its buffers to defend the local currency. "Unfortunately, if this were the case, market players who are very smart would have seen through it," Dr.
