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The exchange rate of the Ghana cedi against, for example, the US dollar is quoted as the number of Ghana cedis required to purchase one US dollar (as also for the British pound sterling or the euro - the key major currencies in Ghana's international trade with the rest of the world). [...] In order for the appropriate corrective action to be taken, however, the BOG must determine whether the unexpected change is more the consequence of the policy stance in Ghana or of that of the US Federal Reserve - the corresponding central bank of the United States of America. [...] At the beginning of the period, on average, for the month of December 2008, the exchange rate of the cedi against the US dollar in the interbank market was1.1974. [...] The abnormality of the depreciation that occurred from the beginning of this year to April 2012 can be seen in the steepness of the curves - strength of depreciation - and in the degree of divergence / spread between the interbank and forex bureau rates. [...] 13 The interventions by the BOG in the foreign exchange market have, however, not been sufficient to stem the downward trend in the cedi; and concerns have been raised by the central bank governor over the divergence in the rates quoted by traders operating in minor segments of the market.
The paper estimates a behavioral equilibrium exchange rate model for Ghana. Regression results show that most of the REER's long-run behavior can be explained by real GDP growth, real interest rate differentials (both relative to trading-partner countries), and the real world prices of Ghana's main export commodities. On the basis of these fundamentals, the REER in late 2006 was found to be very close to its estimated equilibrium level. The results also suggest, that deviations from the equilibrium path are eliminated within two to three years.
Economic research monograph on the foreign exchange control system and trade liberalization attempts in Ghana - investigates the effects on the balance of payments, savings, resource allocation, research and development, entrepreneurship, economic development, etc. Bibliography pp. 208 to 211, references and statistical tables.
This book gives a comprehensive overview of effects of exchange rate volatility on trade balance in the Ghana over the last two decades. Governments in Africa are constantly pushed to liberalize their economies but the downsides of trade liberalization have been largely ignored. Though widely held that both trade and forex market liberalization can be used to restore balance in governments' trade payment, most government in Sub-Sahara Africa constantly have trade imbalances. In Ghana, exchange rate, a key influencer of international trade, has been for the past two decades relatively liberalized but this seems not to have the desired effects on Ghana's economy especially on its trade position. This book examines the effects of exchange volatility on trade balance in Ghana from the periods between 1990-2011. The findings of the interplay between exchange rate and international trade in Ghana provides interesting results and also challenges some of the widely held theorem of international trade and exchange rate.