CEDI

GUTA Partly Blames Government Over Dollarization
19 Oct

GUTA Partly Blames Government Over Dollarization

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The Ghana cedi has lost its weight against the US dollar, and this according to the Ghana Union of Traders Association (GUTA) has blamed government for partly contributing to the depreciation of the cedi which stands at 3.3% to the dollar. Speaking on Movement In The Morning Show, the Greater Accra Chairman For GUTA, Nana Kwabena Pepprah said high dollarization is affecting their businesses. ‘’The cedi is always depreciating because every item purchased or service rendered is charged in dollar, from renting a house, a hotel to buying a land. We need to bring this to an end- but we…
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Urgent Interventions Needed To Stop Haemorrhaging Of The Cedi – Kwakye
18 Oct

Urgent Interventions Needed To Stop Haemorrhaging Of The Cedi – Kwakye

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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.…
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Dollar Breaks ¢11 Mark; Forex Bureaus Sell A Dollar For ¢11.2
10 Oct

Dollar Breaks ¢11 Mark; Forex Bureaus Sell A Dollar For ¢11.2

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The dollar has hit the ¢11 to $1 mark as some forex bureaus in parts of Accra are selling a dollar at an average of ¢11.2 on Saturday, October 8, 2022. Checks by Joy Business indicate that the demand for the dollar keeps surging, as there is very little dollars in circulation. Some forex bureau operators who spoke to Joy Business on condition of anonymity said the recent action by the Bank of Ghana has yielded little return. According to them, there are no dollars in circulation. But, they hope the inflows from the $1.13 billion cocoa syndicated loan will…
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Ghana Cedi Falls 40% To Dollar
05 Oct

Ghana Cedi Falls 40% To Dollar

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For nine months this year, the cedi has lost 40.05% in value to the US dollar, according to data from Bloomberg. This makes the cedi the second-worst performing currency in the world. The cedi is ranked as the worst among the 30 top-performing currencies on the African continent. In July, August and September the cedi lost almost 21% in value to the US dollar, pounds sterling and Euro. The cedi’s woes come on the back of high debts and low investor confidence which has made it impossible for Ghana to access the international capital market for borrowing. To this end,…
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Cedi Is The Third Strongest Currency In Africa, Don’t Believe Naysayers – Dr. John Kumah
09 Sep

Cedi Is The Third Strongest Currency In Africa, Don’t Believe Naysayers – Dr. John Kumah

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The Deputy Finance Minister, Dr. John Kumah, has debunked claims that the Ghana cedi is the weakest currency in Africa. According to him, such a claim is mere propaganda meant to undermine the government’s fiscal measures in halting the free fall of the cedi against the dollar. He stated that the cedi is currently the third strongest currency in Africa; however, he conceded that the rate of depreciation the cedi is experiencing might be the worst on the continent. Speaking on JoyNews’ PM Express Business Edition, Dr. John Kumah noted that currencies across the world are experiencing depreciations and thus,…
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18 Aug

Dollar Shortage Hits Forex Market, Cedi Depreciation Nears ¢10 Mark

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Dollar shortage has hit the forex market as the rate of depreciation of the Ghana cedi nears GH¢10 to one US dollar. Checks with some banks and forex bureau by Joy Business indicate that whilst some banks are quoting ¢9.95 to the dollar, others are selling a dollar for ¢9.90. However, the situation is worst at the forex bureaus as they are quoting between ¢9.97 and ¢10.5 to one American greenback. As of Monday, August 15, 2022, the cedi had lost about ¢3.15 on the face value to the dollar since the beginning of the year. Some Senior Relationship Managers…
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18 Aug

BoG increases Policy Rate To 22%; Cost Of Borrowing To Shoot Up Significantly

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The Bank of Ghana has increased the policy rate by 300 basis points to 22%, after an Emergency Monetary Policy Committee meeting today, August 17th, 2022. The move is part of measures to address the risks to the inflation outlook. However, cost of borrowing is expected to go up significantly, and consequently increase cost of living and doing business. Additional measures The MPC also took additional measures including raising the primary reserve requirement of banks from 12% to 15% to be implemented in a phased manner. Therefore, the reserve requirement will go up to 13% from September 1st, 2022 and…
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