Bank of Ghana resumes forex supply to interbank market

The Bank of Ghana has resumed its supply of foreign exchange to the interbank market and will keep supporting the local cedi <GHS=> until further notice, Finance Minister Seth Terkper said on Friday.
Ghana's currency fell nearly 20 percent against the dollar in 2013 and has fallen 4.7 percent this year, according to Thomson Reuters data.
"The foreign exchange losses ... have taken a huge toll on government's budget," Terkper told journalists.
Authorities say the cedi's slide has been partly fuelled by the increased use of dollars for to pay for imports into Ghana as well as a burgeoning black market.
Ghana has enjoyed strong growth powered by cocoa, gold and oil exports. But the West African state faces macro-economic problems including inflation, which reached 13.5 percent in December, a falling currency and a high budget deficit.
The Bank of Ghana raised its key policy interest rate by 200 basis points on Thursday to 18 percent and this week tightened rules over foreign exchange dealing