General News of Wednesday, 3 April 2019Source: dailyguidenetwork.comBank of Ghana did not spend $800m to reverse Cedi fall – Bawumiaplay videoVice President Dr. Mahamudu BawumiaVice President Dr. Mahamudu Bawumia has refuted claims that the Bank of Ghana (BoG) spent $800m to reverse the current cedi depreciation. He said contrary to some speculations, the BoG did not spend any reserves to revive the cedi following the initial fall. The beginning of 2019 was characterised by a sudden sharp depreciation of the cedi. So demand for the currency was not met by supply as it normally happens and the rates went up. Once the reserves target was met then we met IMF,” he indicated.

Source: GhanaWeb April 03, 2019 14:26 UTC