Currencies end mixed

Accra, April 24, GNA - The foreign currencies on Monday ended mixed in the forex bureaux, but appear to be on their way down, at least on the boards at the entrance of the bureaux.

When the GNA went round on Monday, it found that the US dollar, which was being bought at about 4,500 cedis on last Thursday was going for 4,400 cedis at the few bureaux which had opened for business. The selling rate remained at 4,700 cedis.

The pound sterling was being bought at about 6,500 cedis from Thursday's close of 6,800 cedis but the selling rate was between 7,300 and 8,000 cedis. The Deutsche mark was being bought at about 2,000 cedis from 2,450 cedis on Thursday and sold for 2,600 while 1,000 CFA franc was being bought at between 5,200 and 5,500 cedis against 6,000 cedis on Thursday.

The selling rates are between 7,000 and 7,300 cedis. Forex operators would not comment on what is happening on the foreign exchange market. There has been uproar in recent days over the free-fall of the cedi, which has led to high prices. The police last week arrested 35 illegal currency operators as the rates went out of control.

Bakers said they are on strike because of the steep rise in the price of flour while traders have threatened similar action if nothing is done. The opposition New Patriotic Party (NPP) has called for the reconvening of parliament to deal with the emergency.

The government has blamed it on the high price it has had to pay to sustain crude oil imports, whose price went up steeply and promised that measures are underway to control the situation.