CEDI

Cedi Strengthens Again Against Dollar; $1 Equals ¢13.40
01 Nov

Cedi Strengthens Again Against Dollar; $1 Equals ¢13.40

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The Ghana cedi strengthened once again by about 20 pesewas against the US dollar today November 1, 2022 to sell at ¢13.40 in the retail or forex market. This is the 4th consecutive day in which the local currency has improved in value against the American currency. The cedi sold for ¢13.60 to the dollar this morning. Checks by Joy Business at the forex bureaus also indicate that the cedi strengthened against the pound and the euro. It is going for ¢14.46 against the pound and ¢12.80 against the euro. The recent strong value of the local currency may be due…
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Cedi May Receive Sentiment Boost If Government Secures IMF Staff-Level Agreement By December 2022
26 Oct

Cedi May Receive Sentiment Boost If Government Secures IMF Staff-Level Agreement By December 2022

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Should the government secure a staff-level agreement with the International Monetary Fund by December 2022, the Ghana cedi may receive a sentiment boost, the September 2022 African Markets Revealed by Standard Chartered Bank indicates. However, debt restructuring concerns may restrain foreign portfolio investment until such time of clarity on the mooted deal. In its base case scenario, Standard Chartered Bank foresees at least a staff-level agreement with the IMF for a funded programme between December 2022 and April 2023. “Our base case foresees at least a staff-level agreement with the IMF for a funded programme worth around $3.0 billion between…
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Cedi Lost 14.47% Value To Dollar Last Week
25 Oct

Cedi Lost 14.47% Value To Dollar Last Week

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The Ghana cedi lost 14.47% in value to the dollar last week (October 17 to October 21, 2022), the worst weekly loss in over 30 years. The situation was slightly worst against the pound and euro – two currencies struggling against the US dollar. The cedi closed last week (October 21, 2022), trading at an indicative rate of ¢12.5307/US$ on the interbank market. It also plunged 14.85% week-on-week against the pound and 15.41% to the euro. On the retail market, the cedi traded at a mid-rate of ¢14.1500/US$ (54.13% year-to-date depreciation) at last week’s close. Databank Research said the local…
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Debt Restructuring To Weaken Cedi; BoG Partly To Blame For Cedi Woes – JP Morgan
24 Oct

Debt Restructuring To Weaken Cedi; BoG Partly To Blame For Cedi Woes – JP Morgan

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Global leader in financial services and US firm, JP Morgan has warned that the probable debt restructuring of Ghana’s debt would further weaken the Ghana cedi, even if an increase in Foreign Exchange Forward Auction sizes or reversal of the foreign exchange (FX) purchase policy results in short-term respite for the cedi. In its Emerging Market Quick Take on Ghana cedi’s performance, it said the Bank of Ghana’s decision to purchase dollars from mining and oil companies, inadvertently reducing forex availability within the inter-bank market is one of the reasons behind the falling value of the cedi. It also said…
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Forex Bureaux In Ghana Cry Over Parallel Competition With Black Market Operators
21 Oct

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

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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…
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¢14.50 Equals $1 As Cedi Depreciation Continues
21 Oct

¢14.50 Equals $1 As Cedi Depreciation Continues

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The Ghana cedi continued its free fall, losing value twice within a day to sell at ¢14.50 to one US dollar. This translated to 5.45% depreciation in a day and 17.5% in four days of the week. It began the day at ¢13.75 to the American ‘greenback’ but declined in value further to ¢14.50, according to quotations by the forex bureaus. In nominal terms, the cedi has lost about 135% value to the world’s most important currency. In real terms, the local currency has depreciated by about 55% to the dollar. The cedi also lost more grounds to the pound…
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BoG Dollar Auction: Demand Surpasses Supply By $79.7m As $1 Nears ¢13
20 Oct

BoG Dollar Auction: Demand Surpasses Supply By $79.7m As $1 Nears ¢13

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Demand for the US dollar surged further, according to the latest auction of the American ‘greenback’ by the Bank of Ghana (BoG). Data from the Central Bank indicates that demand surpassed supply by $79.75 million, compared with $75.25 million recorded a fortnight ago. According to the latest result from the sale of dollars through the Forex Forward Rates Auction to dealers, the Bank of Ghana supplied $25 million to the dealers, largely the banks. However, the bids submitted for the purchase of the American ‘greenback’ was estimated at $104.75 million, higher than the $100.25 million recorded a fortnight ago (October…
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Investigate How Foreign Businesses Transport Their Profit Outside The Country-Kwasi Botwe To FIC
19 Oct

Investigate How Foreign Businesses Transport Their Profit Outside The Country-Kwasi Botwe To FIC

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A communications officer of the New Patriotic Patriotic Party, Kwasi Botwe has called on the Financial Intelligence Center (FIC) to investigate how foreign investors transport their profit back into their country, claiming they change into dollars and sneak it out of the country. Speaking to Kwaku Dawuro on Movement In The Morning Show, he said that ‘’all the big companies in Ghana belong to foreign companies yet no one knows how they transport their profit outside the country. Almost every product in the big super markets have  foreign based product which put pressure on our cedi''. ''Most of these goods…
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Stop The Dishonest Misinformation, The Cedi Is The 3rd Strongest Currency In Africa – NPP
19 Oct

Stop The Dishonest Misinformation, The Cedi Is The 3rd Strongest Currency In Africa – NPP

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The New Patriotic Party (NPP) has noted that propaganda is being done by some quarters around the performance of the local currency, the Cedi. The party in a statement issued on Wednesday October 19 and signed by its Deputy Director of Communications Ernest Owusu Bempah said as a matter of fact, situating the Cedi’s performance in context, it is trite that the exchange rate of the local currency to the US dollar remained relatively stable when compared with movements in other currencies against the US dollar. “Yes, in spite of the fact that the cedi experienced marginal year-to-date depreciation against…
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$1 Dollar Nears ¢13 As Fast Depreciation Of Cedi Continues
19 Oct

$1 Dollar Nears ¢13 As Fast Depreciation Of Cedi Continues

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The fast depreciation of the Ghana cedi continues with no end in sight as the local currency nears ¢13 to a dollar. This is more than 6% depreciation in only three days of the week (October 17-19). It may hit ¢13 by the close of the day, based on how trading is going in the retail market. According to the rate from the forex bureaus, most of the operators are selling the local currency between ¢12.50 and ¢12.95. Few are, however, selling the cedi at approximately ¢13 to the American ‘greenback’. Again, some banks are struggling to get the dollar…
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