Demand for dollars by dealers’ outstripped supply by a whopping 4.13 times or $105.25 million, data from the Bank of Ghana has revealed.

According to the latest result of the sale of dollars through the Forex Forward Rates Auction to dealers, the Central Bank was only able to supply $25 million to the dealers, largely the banks.

In actual fact, the bids submitted for the purchase of the American ‘greenback’ was estimated at $130.25 million.

This was far higher than the bids submitted a fortnight (July 27, 2022) ago.

The high demand for the US dollars indicates why the cedi has come under severe pressure in recent days, losing grounds against the American ‘greenback’.

$47.5 million of the 7-day tenor was the highest bid by the dealers, followed by $30.75 million for the 15-day tenor.

The 30-day tenor received bids worth $17.75 million, whilst the 45-day tenor received bids amounting to $3.25 million.

That of the 60-day and 75-day were estimated at $3.5 million and $750,000 respectively.

Meanwhile, the cedi is presently trading at ¢9.30 to the dollar in the retail market (forex bureau).

So far in 2022, it has lost value by about 29% and is the worst performing currency on the African continent according to Bloomberg.

https://www.myjoyonline.com/cedi-still-worst-performing-currency-in-africa-depreciates-28-8-to-dollar-bloomberg/