CEDI

18 Aug

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

wontumionlineBusiness,
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

wontumionlineBusiness,
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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