Adnan Adams Mohammed
The Bank of Ghana (BoG) U.S dollar auctioning report indicates that, there is supply shortage of about US$82 million out of total demand of US$107 million as at last week, July 26, 2022.
Sales of the US dollar stood at US$25 million. This translate into a percentage shortfall in supply of about 80 percent.
This indicates why the cedi has come under severe pressure in recent days, losing ground against the largest trading currency. The demand for the U.S currency has been very high.
US$51.25 million of the 7-day tenor was the highest bid by the dealers, followed by US$28.75 million for the 15-day tenor.
The 30-day tenor received bids worth US$19.75 million, whilst the 45-day tenor received bids of US$4 million.
The rates for the 7-day tenor were priced within the range of ¢8.09 and ¢8.20. That of the 15-day were within the range of ¢8.14 and ¢8.25.
Overall, 150 bids were submitted by the dealers, but 34 of the bids were accepted.
