CEDI DEPRECIATION Archives

03 Sep

Cedi Depreciation To Slow Down This Week As Demand Pressure Subsides, One Dollar Equals GH¢16.28

Wontumi1BusinessCEDI DEPRECIATION

The depreciation of the Ghana cedi is expected to slow down this week as demand pressure subsides. This is coming after the ample intervention by the Bank of Ghana in the forex market last week. The Central Bank injected about $28 million into the market on Wednesday, August 28, 2024, through the 7-day forward auction and an additional $20 million to the Bulk Oil Distributing Companies. This helped meet the strong demand for the American greenback. These interventions held the cedi steady for the rest of the week as demand pressures appeared to have waned. The local currency however depreciated…

02 May

Cedi Hits GH¢14.18 To A Dollar; Year-To-Date Loss Reaches 13.45%

Wontumi1BusinessCEDI DEPRECIATION, DOLLAR RATE

The depreciation of the cedi to the dollar continued unabated as the local currency hit GH¢14.18 to the American greenback on the retail market. This is coming despite the Bank of Ghana selling $20 million to the Bulk Oil Distribution Companies (BDCs) in the 51st auction. The local unit has so far lost about 13.45% to the US dollar, making it one of the poor-performing currencies on the African continent in 2024. The local unit began this week, selling at GH¢14.05 to the dollar at most forex bureaus. Though analysts expected this auction to soak up some forex demand on…

27 Feb

Cedi Depreciates 4.44% To Dollar Since January 1, 2024; One Dollar Equals GH¢12.85

Wontumi1BusinessCEDI DEPRECIATION, dollar

The Ghana cedi has lost about 4.44% in value to the US dollar since the beginning of the year. Last week, the local currency weakened 1.37% to the American greenback week-on-week, as a result of immense corporate demand and cedi-funded foreign exchange pressure. Despite the Central Bank selling $18.5 million on the spot market, it could not keep the cedi afloat as it weakened to close at a mid-rate of GH¢12.75 to the dollar. Similarly, the cedi shed 1.10% and 1.47% to the pound and the euro, respectively, on the retail market. The government during the week paid off coupon…

20 Feb

Cedi Experiences 3.66% Depreciation Against The US Dollar Since January 1

Wontumi1BusinessCEDI DEPRECIATION, dollar

The Ghana cedi has lost about 3.66% in value to the US dollar since the beginning of 2024. The local currency lost ground last week despite improved market liquidity. This came on the back of corporate demand and stronger-than-expected January 2024 inflation. Though the depreciation pressures have eased and liquidity has also improved, the local currency still lost 0.40% in value week-on-week to the American greenback last week. It also shed 0.16% and 0.19% against the pound and the euro on the retail market. After depreciating in the first two trading sessions, the Bank of Ghana’s $15 million spot market…

20 Sep

EIU Revises Cedi Depreciation To Dollar Forecast To 23% In 2023; Currency To Remain 3rd Weakest In Africa

Wontumi1BusinessCEDI, CEDI DEPRECIATION, EIU

The Economist Intelligence Unit (EIU) has revised its projected depreciation of the cedi to dollar in 2023 to about 23.0%, from the earlier 30.0%. According to its 2023 Updated African Outlook Report, this will place the local currency as the third weakest in African this year. That was a business desk report According to the UK-based firm, the cedi will depreciate lower than the 44.0% recorded against the American greenback in 2023. Presently, the local unit has declined in value by a little above 22% to the world’s most important currency, according to data from the Bank of Ghana. This…

16 Jun

Cedi Depreciation, Russia-Ukraine War Cause Of High Fuel Prices – Dep. Energy Minister

wontumionline.comBusinessCEDI DEPRECIATION, Russia-Ukraine War Cause Of High Fuel Prices – Dep. Energy Minister

Cedi Depreciation, Russia-Ukraine War Cause Of High Fuel Prices – Dep. Energy Minister A Deputy Energy Minister, William Owuraku Aidoo says the Russia-Ukraine war and the depreciation of the Ghanaian cedi should be blamed for the surge in petroleum prices in Ghana. Mr. Aidoo said the government is unable to do much about the prices due to the deregulated regime for pricing petroleum prices in the country. Speaking on the floor of Parliament on Wednesday, the Deputy Minister said the government will do its permissible best to mitigate the plight of Ghanaians. “Sanctions and boycotts on petroleum exports from Russia,…

29 Mar

Sachet Water Prices To Hit ¢8 Per Bag Over Fuel Price Hikes, Cedi Depreciation

wontumionline.comBusinessCEDI DEPRECIATION, Sachet Water Prices To Hit ¢8 Per Bag Over Fuel Price Hikes

Sachet Water Prices To Hit ¢8 Per Bag Over Fuel Price Hikes, Cedi Depreciation The National Association of Sachet and Packaged Water Producers (NASPAWAP) has announced another upward increment in the prices of sachets and bottled water. According to the Association, effective Friday, April 1, a bag of sachet water, 500ml by 30pcs, is to be sold at ¢6 maximum from the retail trucks. Mini shops, however, will retail the commodity at ¢8 per bag maximum. The price of iced sachet water will be retained at ¢0.40p, while the 500ml bottled water will be retailed at ¢2. Iced bottled water…

13 Mar

Cedi Depreciation In 2020 Lowest In Fourth Republic – Kyei-Mensah-Bonsu

Jackson Odom KpakpoBusinessCEDI DEPRECIATION

Cedi Depreciation In 2020 Lowest In Fourth Republic – Kyei-Mensah-Bonsu The Minister for Parliamentary Affairs and caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu has touted last year’s performance of the cedi against the other currencies. According to him, the depreciation of the cedi against the dollar in 2020 is the lowest recorded so far in the fourth republic, in spite of the dire effects of the COVID-19 pandemic. He made this assessment during his presentation of the 2021 budget statement and economic policy on the floor of Parliament on Friday, March 12, 2021. “…Cumulatively, Mr. Speaker, the Ghana cedi depreciated against…