CEDI DEPRECIATION

Cedi Records Biggest Loss Last Week; One Dollar Selling At GH¢16.40
20 Jan

Cedi Records Biggest Loss Last Week; One Dollar Selling At GH¢16.40

CUD Wontumi0 CommentsBusiness,
The Ghana cedi depreciated by 2.94% against the US dollar last week, bringing its year-to-date loss to 3.87% since January 2025. This depreciation was due to continued demand pressures from the manufacturing and energy sectors. It also follows the Bank of Ghana’s auctioning of its first US$20 million to the Bulk Oil Distribution Companies (BDCs). The local currency traded at a mid-rate of GH¢16.15 to one American greenback. Last week’s loss was the sharpest since January 1, 2025. The cedi also shed 0.52% week-on-week against the pound and 1.52% against the euro. The cedi has begun trading this week unchanged…
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Cedi Depreciation To Slow Down This Week As Demand Pressure Subsides, One Dollar Equals GH¢16.28
03 Sep

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

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

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

wontumionlineBusiness,
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…
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Disbursement Of $1.2Bn From Partners Will Mitigate Cedi Depreciation – Finance Minister
28 Mar

Disbursement Of $1.2Bn From Partners Will Mitigate Cedi Depreciation – Finance Minister

wontumionlineBusiness,
Finance Minister, Dr. Mohammed Amin Adam has stated that the anticipated $1.2 billion from development partners will bolster the local currency against major trading currencies. He highlighted that the disbursements from development partners such as the International Monetary Fund (IMF), the World Bank, and the African Development Bank (AfDB) will contribute to strengthening the local currency. During the inaugural monthly press briefing of the Finance Ministry on Tuesday, March 26, in Accra, Dr Amin Adam attributed the recent depreciation of the Ghana cedi to both domestic and international factors, with the currency currently trading at GH¢12.8 to a dollar. The…
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Cedi Depreciates 4.44% To Dollar Since January 1, 2024; One Dollar Equals GH¢12.85
27 Feb

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

wontumionlineBusiness,
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…
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Cedi Experiences 3.66% Depreciation Against The US Dollar Since January 1
20 Feb

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

wontumionlineBusiness,
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…
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EIU Revises Cedi Depreciation To Dollar Forecast To 23% In 2023; Currency To Remain 3rd Weakest In Africa
20 Sep

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

wontumionlineBusiness, ,
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…
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Cedi To Depreciate Till End Of January – GUTA President
18 Jan

Cedi To Depreciate Till End Of January – GUTA President

wontumionlineNews, ,
The President of the Ghana Union of Traders Associations (GUTA), Joseph Obeng has predicted that the cedi will see a further depreciation till the end of January. He said the current depreciation of the cedi can be blamed on repatriation of the dollar to China by Chinese resident in Ghana, He said, at this time of the year, these Chinese return to their home country for holidays. Speaking in an interview on Joy FM’s Top Story on Tuesday, Mr Obeng explained that the situation would persist till the repatriation of the dollar is contained. “Until we have a permanent solution…
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Pressure On Economy Accounts For The Cedi Depreciation — Dr Ernest Addison
18 Jan

Pressure On Economy Accounts For The Cedi Depreciation — Dr Ernest Addison

wontumionlineBusiness
The Governor of the Bank of Ghana, Dr. Ernest Addison has noted that the depreciation of the cedi is due to the daily pressures on the Ghanaian economy. According to him the Bank of Ghana cannot fix the issue of the depreciation of the cedi as it is beyond their control. "It reflects the movement on a day-to-day basis. If there is additional demand for cedis the currency will be restricted. The Central Bank cannot fix the exchange rate, it depends on what transactions have taken place…like payments to contractors." He made these known at the Public Accounts Committee Sittings…
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Ghana’s Public Debt Increased By GH¢93 Billion Due To Cedi Depreciation – Ofori-Atta
29 Nov

Ghana’s Public Debt Increased By GH¢93 Billion Due To Cedi Depreciation – Ofori-Atta

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Ken Ofori-Atta, Minister of Finance, stated in the 2023 budget statement that Ghana’s public debt has increased by GH¢93 billion ($6.53 billion at the current rate) due to the depreciation of the Ghanaian cedi alone since the beginning of 2022. According to him, the said amount is twice more than the much-anticipated $3 billion bailout Ghana is seeking from the International Monetary Fund (IMF). In the 2023 budget statement, the cedi has depreciated by 53.8% and 54.2% against the dollar as of October 2022 and November 2022. The depreciation is due to the fact that the country cannot access the International Capital…
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