FOLLOWING GOVERNMENT’S announcement recently that it was injecting $2 billion into the country’s foreign exchange reserves to shore up the local currency, long queues began forming in front of some forex bureaux in parts of Accra, to dispose of dollars in exchange for cedis.
The fear of losing money from keeping a weakening dollar drove people to sell off their Green back and make some profit as its value began to record a fall.
Since government announced that it will put up a consortium to raise some $2 billion to arrest the falling cedi after the March 18-20 Peduase crunch Cabinet meeting, a dollar, which cost GH¢8.50 last week; the value has now plummeted to about GH¢7.10 in some parts of Accra.
Yesterday, at the Achimota Mall, it went for GH¢7.50 while at West Hills Mall, it was GH¢6.20. At the Marriot Hotel in Airport City, it was GH¢7.10 while at the Airport City’s Marina Mall, the offer was ‘best’ as people got GH¢7.85 to a dollar.
However, the ‘downside’ to the announcement is that, most forex bureaux in other parts of the country will not be willing to lose money from selling a weakening dollar.
The dollar injection form part of efforts by government to tackle the rising fuel prices occasioned by the global economic turmoil from the ongoing Russia-Ukraine conflict, high oil prices on the global market and its resultant rising inflation locally.
Meanwhile, a visit by DAILY GUIDE to some forex bureaux at Dansoman and Adabraka in Accra, witnessed low patronage at these facilities.
The dollar rate was mostly buying at GH¢8.00 and selling at GH¢7.00.
An attendant at a forex bureau at Adabraka lamented poor patronage, adding she had been sleeping since morning and “only got up when she heard our knock on her door.”
Another attendant at a different bureau also said people only visited to ask of the rate but not to transact any business.
He was however hopeful that the situation would improve with time.
BY Nii Adjei Mensahfio