CEDI DEPRECIATION Archives - Page 2 of 3

24 Nov

Cedi Depreciated By 53.8% In 2022 – Ofori-Atta

wontumionlineBusiness2023 Budget statement, CEDI DEPRECIATION, Ofori Atta

Finance Minister, Ken Ofori-Atta has said Ghana’s currency lost its value against the major trading currencies by 53.8% since the beginning of 2022. This, he said is against the average 7% annual depreciation between 2017-2021. Presenting the 2023 Budget in Parliament on Thursday, the Minister said the uncontrolled demand for imports and foreign exchange accounted for the reduction in value of the cedi. “The demand for foreign exchange to support our unbridled demand for imports undermines and weakens the value of the cedi. This contributed to the depreciation of the Cedi which has lost about 53.8% of its value since…

27 Oct

Sani Abdul-Rahman Writes: Do You Care To Know Why The Ghana Cedi Is Depreciating Fast?

wontumionlineBusinessCEDI DEPRECIATION

Do you care to know why the Ghana Cedi is depreciating fast? Here you go… Historically, Ghana struggles to raise enough revenue to implement the government’s programmes and projects contained in the national budget. The revenue gap, known as budget deficit, is financed through borrowing. So, at the start of every year, the government goes to the international financial market to raise money to bridge the budget gap. If it does so in the European currency, (EURO), it is called EUROBOND, if it does so domestically, it is called cedi-denominated bonds. So the currency determines the name given to such…

27 Oct

Over Reliance On Monetary Policy To Fight Inflation, Stabilise Cedi Not Oorking – GNCCI

wontumionlineBusinessBoG, CEDI DEPRECIATION, GNCCI, Inflation, Monetary Policy

The Ghana National Chamber of Commerce and Industry (GNCCI) is raising concerns about the excessive reliance on monetary policy by the Bank of Ghana to control inflation and the cedi’s depreciation. According to him, the monetary policy tool is not working but rather worsening the economic situation. “There is the need to align the monetary and fiscal policies to address the situation by implementing unorthodox homegrown policies to tackle the ongoing economic crisis”, Clement Osei-Amoako, President of the Chamber disclosed at the 46th Annual General Meeting of the GNCCI in Accra. He urged government to work with the multinational companies…

25 Oct

The NPP Hasn’t Failed- Hon. Adomako Speaks Amidst Cedi Depreciation

wontumionlineFeatured, News, TrendingCEDI DEPRECIATION, Collins Adomako Mensah

The Member of Parliament for Afigya Kwabre North, Collins Adomako Mensah has responded to claims that the NPP government has failed due to the rampant depreciation of the cedi against the dollar. According to him, it will be fair for one to first look at what the figures were looking like when the party first came into power between 2017 and 2019- that speaks volume of the fact that the current situation is caused by external factors of which government shouldn't be blamed for. "As humans as we are, we are likely to fall but the most important thing is…

24 Oct

Interest Rates Hit 33%; Government Misses T-bills Sale By 16%

wontumionlineBusinessCEDI DEPRECIATION, interest rate

Interest rates inched up to 33% to reflect surging inflation and the rapid depreciation of the cedi. The increase in interest rates is however lower than the current inflation of 37.2% and the rate of cedi depreciation which is more than 50%. This means the real rate of return of the short-term securities for investors is still negative. Again, the lower yields of the Treasury bills compared to the rates of inflation and the cedi depreciation make it unattractive for investors to purchase the cedi denominated assets Once again, the sale of Treasury bills by government was undersubscribed for the…

24 Oct

Interest Rates Hit 33%; Government Misses T-bills Sale By 16%

wontumionlineBusinessCEDI DEPRECIATION, inflation rate, Treasury Bill

Interest rates inched up to 33% to reflect surging inflation and the rapid depreciation of the cedi. The increase in interest rates is however lower than the current inflation of 37.2% and the rate of cedi depreciation which is more than 50%. This means the real rate of return of the short-term securities for investors is still negative. Again, the lower yields of the Treasury bills compared to the rates of inflation and the cedi depreciation make it unattractive for investors to purchase the cedi denominated assets Once again, the sale of Treasury bills by government was undersubscribed for the…

21 Oct

Forex Bureaux In Ghana Cry Over Parallel Competition With Black Market Operators

wontumionlineBusinessCEDI, CEDI DEPRECIATION, dollar, Forex bureau

Forex bureaux in Ghana are lamenting the stiff parallel competition they are facing with illegal operators popularly known as black market. Vice President of Forex Beurau Association of Ghana, Dr Alex Akpabli said on the New Day show with Roland Walker on TV3 Friday October 21 that the activities of the black marketers pose a serious challenge to them. “We have the parallel market that competes with us, the black market, that is the challenge. “If you need Dollar come to us and we can help but if you choose black market which is not safe then there is a…

20 Oct

I Expect Fall Of The Cedi To Slow Down – Joe Jackson

wontumionlineBusinessCEDI DEPRECIATION

Chief Operations Officer at Dalex Finance Mr Joe Jackson has said he expects the rate of depreciation of the Cedi against the Dollar to slow down. He stated that people are finding it difficult to buy Dollars these days hence, are giving up. Similarly, he said, he expects the government to announce signals to the market that it is reducing its expenditure. The measures, he added, will include debt restructuring. When that happens he said, the Cedi fall will slow. Speaking on the Ghana Tonight show on TV3 with Alfred Ocansey on Wednesday October 19, he said “It is a tough time…

18 Oct

Urgent Interventions Needed To Stop Haemorrhaging Of The Cedi – Kwakye

wontumionlineBusinessCEDI, CEDI DEPRECIATION

The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has called for urgent interventions by the Bank of Ghana (BoG) and the Ministry of Finance to stop the woes of the Cedi. The Cedi has been reported by Bloomberg to be the world’s worst-performing currency this year as investors continued to squeeze foreign capital to the west African country before a deal with the International Monetary Fund. The currency of the world’s second-biggest cocoa producer depreciated as much as 3.3% Monday, before paring the loss to 11.2750 per dollar at 3:30 p.m. in the capital Accra.…

14 Oct

1$ Equals ¢11.62 As Cedi Depreciation Pressures Rise

wontumionlineBusinessCEDI DEPRECIATION, cedi pressures, dollar, forex bureaus

The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at ¢11.62 pesewas in the retail market. This is almost 6% depreciation since Friday, October 7th. Checks by Joy Business at some forex bureaus indicate that the supply of dollars in circulation is insufficient. Some forex bureaus are actually selling the dollar a little above ¢11.62. Some of the operators confirmed that the demand for the ‘American greenback’ have reached an all-time high, similar to the 1980’s and early 90’s. The cedi has since January this year lost more than 40% in value to the…