CEDI

Cedi To Close Year Stable
11 Dec

Cedi To Close Year Stable

Wontumi10 CommentsBusiness,
The Ghanaian cedi is expected to remain stable, driven by an influx of foreign exchange from increased tourism, recent IMF disbursements, and the conclusion of peaceful general elections. Over the past month, the cedi has gained against major trading currencies, supported by the Bank of Ghana's (BoG) interventions, including injecting $240.4 million into the FX market. The IMF’s approval of the third review of its Extended Credit Facility (ECF) and the disbursement of $360 million further boosted investor confidence. Additionally, the anticipated arrival of two million tourists in 2024, generating over $3 billion in revenue, is projected to enhance FX…
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Cedi Rate Shoots Up, Selling At GH¢17.20 To US$1
05 Nov

Cedi Rate Shoots Up, Selling At GH¢17.20 To US$1

Wontumi1Business,
Ghana’s local currency continues to experience persistent depreciation against major trading currencies such as the US dollar. The cedi which was under pressure throughout the year, recorded relative stability in July this year, while inflationary pressures continued declining. However, checks by GhanaWeb Business as of November 5, 2024, at 8:00 AM show that the cedi is trading at GH¢17.20 to the dollar, while the pound is trading at GH¢22 at some major forex bureaus across the country. Additionally, the Euro is trading at GH¢18.50 on the retail market. The decline of the cedi against major trading currencies will further worsen the woes…
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BoG Assures Of Cedi’s Resilience Amid Rising FX Demand
04 Nov

BoG Assures Of Cedi’s Resilience Amid Rising FX Demand

Wontumi1Business, ,
The Bank of Ghana (BoG) has assured that it is implementing proactive measures to strengthen its foreign reserves in response to the ongoing depreciation of the cedi against major currencies. With the festive season approaching, the Central Bank is preparing for an anticipated increase in foreign exchange demand, a strategic initiative designed to stabilize the local currency. Currently, the cedi is trading at nearly GH¢17 to one U.S. dollar, reflecting a considerable year-to-date depreciation of 24.3 percent. In light of these pressures, the Bank aims to reassure businesses and consumers by working towards greater stability in the cedi through enhanced reserves. Speaking…
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BoG Assures Of Cedi’s Resilience Amid Rising FX Demand
04 Nov

BoG Assures Of Cedi’s Resilience Amid Rising FX Demand

Wontumi1Business, ,
The Bank of Ghana (BoG) has assured that it is implementing proactive measures to strengthen its foreign reserves in response to the ongoing depreciation of the cedi against major currencies. With the festive season approaching, the Central Bank is preparing for an anticipated increase in foreign exchange demand, a strategic initiative designed to stabilize the local currency. Currently, the cedi is trading at nearly GH¢17 to one U.S. dollar, reflecting a considerable year-to-date depreciation of 24.3 percent. In light of these pressures, the Bank aims to reassure businesses and consumers by working towards greater stability in the cedi through enhanced reserves. Speaking…
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Cedi Will Appreciate Soon With Sufficient Buffers – BoG Governor
01 Nov

Cedi Will Appreciate Soon With Sufficient Buffers – BoG Governor

Wontumi1Business,
The Bank of Ghana (BoG) has affirmed that it is increasing its reserves to prevent the cedi's depreciation against major foreign currencies as demand for forex is expected to rise during the upcoming festive season. The apex bank believes the action is aimed at reassuring businesses and consumers by guiding the local currency towards greater stability in light of current pressures. Currently, the cedi is trading at around GH¢17 to a dollar on the forex market, representing a year-to-date depreciation of 24.3 percent. Governor of the of Central Bank, Dr. Ernest Addison emphasised that boosting reserves is crucial in managing fluctuations in the cedi's…
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Cedi Lost 24.3% To Dollar In Nine Months Of 2024 – BoG
27 Sep

Cedi Lost 24.3% To Dollar In Nine Months Of 2024 – BoG

Wontumi1Business,
The Ghana cedi lost 24.3% to the US dollar on the interbank forex market as of September 2024, the Bank of Ghana has revealed in its Summary of Economic and Financial Data. This is lower than the 22.9% depreciation recorded during the same period last year. According to the data, the Cedi lost 7.7% in value to the dollar in March 2024 and depreciated by 18.6% in June 2024. Whilst it is going for GH¢16.45 on average against the dollar on the retail market, the Bank of Ghana is quoting one dollar as GH¢15.70. Against the pound, the cedi has…
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Cedi Projected To Stabilise Amid U.S. Federal Rate Cut Speculation
18 Sep

Cedi Projected To Stabilise Amid U.S. Federal Rate Cut Speculation

Wontumi2Business
The Ghanaian Cedi, which has experienced a year-to-date depreciation of over 27% against the US dollar, appears to be stabilizing, as market analysts forecast a potential rate cut by the U.S. Federal Reserve. Such a move could weaken the dollar, providing a much-needed boost for the Cedi’s recovery. Last week, the Cedi posted notable gains against the dollar and other major foreign currencies after a prolonged depreciation. The rebound was attributed to increased corporate demand, largely driven by seasonal pressures ahead of the festive season. Supported by the Bank of Ghana’s auction to Bulk Oil Distribution Companies (BDCs), the Cedi…
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Cedi Sells At GH¢16.17 To $1, GH¢21.13 To £1 On September 10 At Major Forex Bureaus
10 Sep

Cedi Sells At GH¢16.17 To $1, GH¢21.13 To £1 On September 10 At Major Forex Bureaus

Wontumi1Business,
Ghana's local currency (the cedi) has been depreciating against major trading currencies, especially the US dollar, in recent times. As of Tuesday September 10, 2024, at 10:00 AM, checks by GhanaWeb Business showed that the cedi is selling at GH¢16.17 to $1 at some major forex bureaus in the capital, Accra. This decline in the cedi's value is also evident among other trading currencies such as the British Pound and Euro even though it gained a few pesewas from the previous day. For instance, the local currency is trading at GH¢21.13 to £1 while selling at GH¢17.83 to €1 at…
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Cedi Crosses GH¢16 Mark Against The Dollar On Retail Market
28 Aug

Cedi Crosses GH¢16 Mark Against The Dollar On Retail Market

Wontumi2Business
The Ghanaian Cedi has crossed the GH¢16 mark against the US Dollar on the currency retail market. A survey conducted by the Citi Business News team at various forex bureaux and banks in Accra revealed that the dollar is being sold at rates ranging from GH¢15.95 to GH¢16.20. This development occurs as the International Monetary Fund (IMF) recently lifted restrictions on dollar auctions by the Bank of Ghana, following a significant increase in the country’s reserves under a US$3 billion economic recovery programme. According to the July 2024 Summary of Financial and Economic Data from the Bank of Ghana, the…
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Cedi Hits GH¢15.90 To $1, GH¢20.31 To £1 At Major Forex Bureaus As Of August 12
12 Aug

Cedi Hits GH¢15.90 To $1, GH¢20.31 To £1 At Major Forex Bureaus As Of August 12

Wontumi1Business,
Ghana's local currency (the cedi) continues to decline in value against major trading currencies, especially the US dollar. As of Monday, August 12, 2024, at 10:00 AM, checks by GhanaWeb Business showed that the cedi is selling at GH¢15.90 to $1 at some major forex bureaus in the capital, Accra. This decline in the cedi's value is also evident among other trading currencies such as the British Pound and Euro. For instance, the local currency is going for GH¢20.31 to £1 while selling at GH¢17.38 for €1 at major forex bureaus across the country. International news portal Bloomberg recently ranked…
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