Bank of Ghana lied about pumping $20 million to save cedi – Casely-Hayford

Financial analyst, Sydney Casely Hayford, has accused the Bank of Ghana (BoG) of lying to Ghanaians that it is injecting $20 million daily into the money market to stabilise the cedi.

The central bank announced the intervention Thursday after the cedi fell more than 20% in value to the major trading currencies between January and June 2015.

According to the bank, instead of making $14 million available to banks weekly, it will now be giving them $20 million.

We expect the cedi to stabilise by the end of the first half of the year when we have some major offshore inflows,” the Governor of the BoG, Dr Henry Kofi Wampah, told the Daily Graphic.

But Sidney Casely-Hayford, has questioned BoG’s capacity to make $20 million available daily.

Speaking Saturday on Accra-based Citi FM’s The Big Issue on “They [BoG] are lying to us, they can’t afford $20 million a day,” he pointed out.

According him, Ghana would not have had