Despite the COVID-19 outbreak, dollar supply outweighed demand.

This is because the Bank of Ghana’s Foreign Exchange Forward Rates Auction was oversubscribed by 171.2%.

The twelfth auction, which took place on Tuesday, 24 March 2020 recorded US$108.48 million of bids submitted.

The central bank was actually looking for US$40 million but got far more than it wanted.

Out of the bids accepted, US$15.75 million was the largest and was for a 7-day tenor.

This was followed by US$11.25 million, which was for a period of 15 days, and then the US$10.50 million which was for a 30-day tenor.

US$2 million and US$500,000 was accepted for a period of 45 and 75 days.

Despite the rising number of COVID-19 cases across the globe, the Ghana cedi appears to be still doing better against the major foreign currencies, daily forex transactions indicated.

It may end the first quarter of this month with an appreciation of about 3%. As of Wednesday, 18 March 2020, the local currency has appreciated by 3.47% to the US dollar, 13.38% to the British pound and 5.81% to the euro.