May 2024 exchange rate volatility lowers business, consumer confidence — BoG
The Bank of Ghana’s (BoG) latest Monetary Policy Report reveals that exchange rate volatility in May 2024 significantly impacted business and consumer confidence. According to the report, fluctuations in the exchange rate were the primary challenge for businesses during that period. The Business Confidence Index dropped to 88.8 from 92.6 as businesses expressed concerns about the rising costs caused by the rapid depreciation of the cedi in May. The local currency had depreciated by 14.6% against the US dollar, trading at GH¢15 per dollar on the retail market. Against the British pound, the cedi had fallen by 14.5%, reaching GH¢17,...
