CEDI

Cedi Sells At GH¢16.17 To $1, GH¢21.13 To £1 On September 10 At Major Forex Bureaus
10 Sep

Cedi Sells At GH¢16.17 To $1, GH¢21.13 To £1 On September 10 At Major Forex Bureaus

wontumionlineBusiness,
Ghana's local currency (the cedi) has been depreciating against major trading currencies, especially the US dollar, in recent times. As of Tuesday September 10, 2024, at 10:00 AM, checks by GhanaWeb Business showed that the cedi is selling at GH¢16.17 to $1 at some major forex bureaus in the capital, Accra. This decline in the cedi's value is also evident among other trading currencies such as the British Pound and Euro even though it gained a few pesewas from the previous day. For instance, the local currency is trading at GH¢21.13 to £1 while selling at GH¢17.83 to €1 at…
Read More
Cedi Crosses GH¢16 Mark Against The Dollar On Retail Market
28 Aug

Cedi Crosses GH¢16 Mark Against The Dollar On Retail Market

wontumionlineBusiness
The Ghanaian Cedi has crossed the GH¢16 mark against the US Dollar on the currency retail market. A survey conducted by the Citi Business News team at various forex bureaux and banks in Accra revealed that the dollar is being sold at rates ranging from GH¢15.95 to GH¢16.20. This development occurs as the International Monetary Fund (IMF) recently lifted restrictions on dollar auctions by the Bank of Ghana, following a significant increase in the country’s reserves under a US$3 billion economic recovery programme. According to the July 2024 Summary of Financial and Economic Data from the Bank of Ghana, the…
Read More
Cedi Hits GH¢15.90 To $1, GH¢20.31 To £1 At Major Forex Bureaus As Of August 12
12 Aug

Cedi Hits GH¢15.90 To $1, GH¢20.31 To £1 At Major Forex Bureaus As Of August 12

wontumionlineBusiness,
Ghana's local currency (the cedi) continues to decline in value against major trading currencies, especially the US dollar. As of Monday, August 12, 2024, at 10:00 AM, checks by GhanaWeb Business showed that the cedi is selling at GH¢15.90 to $1 at some major forex bureaus in the capital, Accra. This decline in the cedi's value is also evident among other trading currencies such as the British Pound and Euro. For instance, the local currency is going for GH¢20.31 to £1 while selling at GH¢17.38 for €1 at major forex bureaus across the country. International news portal Bloomberg recently ranked…
Read More
Cedi Hits GH¢15.81 To $1 At Major Forex Bureaus As Of July 31
31 Jul

Cedi Hits GH¢15.81 To $1 At Major Forex Bureaus As Of July 31

wontumionlineBusiness
Ghana's local currency continues to decline in value against major trading currencies, especially the US dollar. As of Wednesday, July 30, 2024, at 10:00 AM, checks by GhanaWeb Business showed that the cedi is selling at GH¢15.81 to $1 at some major forex bureaus in the capital, Accra. This decline in the cedi's value is also evident among other trading currencies such as the British Pound and Euro. For instance, the local currency is going for GH¢20.34 to £1 while selling at GH¢17.15 for €1 at major forex bureaus across the country. International news portal Bloomberg recently ranked the Ghana cedi as…
Read More
Cedi To Make Some Recovery Against Dollar In Coming Months; To Regain 9% Loss
16 Jul

Cedi To Make Some Recovery Against Dollar In Coming Months; To Regain 9% Loss

wontumionlineBusiness
The Ghana cedi is expected to recoup some losses against the dollar in the coming months, Fitch Solutions has revealed. According to the London-based firm, this is due to improved investor sentiment, higher dollar inflows, and easing external conditions, It mentioned in an article dubbed “Sub-Saharan Africa currency round-up: greater stability ahead in second half of 2024” that external conditions would offer more support to Sub Sahara African currencies in the coming quarters. “We expect the Ghanaian cedi to fare better in H2 [second-half of 2024]. In the year to date, the cedi has lost 19.2% of its value against the US…
Read More
Cedi Depreciation Slows Down Due To Reduced Foreign Exchange Demand; One Dollar Equals GH¢14.92
11 Jun

Cedi Depreciation Slows Down Due To Reduced Foreign Exchange Demand; One Dollar Equals GH¢14.92

wontumionlineBusiness,
The stabilisation of the Ghana cedi against the major foreign currencies is expected to continue this week, following a slowdown in foreign exchange demand. The local unit recovered some of its losses against the dollar, pound, and euro last week. It gained 1.01% against the US dollar, narrowing its year-to-date loss to 18.01%. Again, the cedi retrieved 2.36% week-on-week and 3.12% week-on-week of its losses against the pound and the euro, respectively. Gradually, the cedi is finding its footing against the major trading currencies after weeks of rough patches. The measures by the Bank of Ghana have been helping to…
Read More
Afenyo-Markin Cautions Against Rushing To Buy Dollars, Assures Cedi Will Stabilise
10 Jun

Afenyo-Markin Cautions Against Rushing To Buy Dollars, Assures Cedi Will Stabilise

wontumionlineBusiness,
The Majority Leader Alexander Afenyo-Markin has cautioned the general public against rushing to buy Dollars. He assured that the Cedi would soon stabilize. Addressing the media, the Effutu lawmaker said “If a politician who does not understand business comes out just for politics, the market will respond. It is a result of, I wouldn’t say reckless but unreasonable comments. That seems to be affecting the business environment.” “I would have to urge businessmen not to change their cedi into the dollar. Because the rate would be coming down. When it happened in 2022 a lot of people lost money. “Because…
Read More
EIU Predicts Persistent Stronger US Dollar; One Dollar Equals GH¢14.90
06 Jun

EIU Predicts Persistent Stronger US Dollar; One Dollar Equals GH¢14.90

wontumionlineBusiness, , ,
The US dollar remains close to an all-time high in real effective terms. According to the Economist Intelligence Unit, the remarkable resilience of the greenback is a reflection on the strength of the US economy, which has defied high interest rates and market predictions (a record-long period of yield curve inversion indicates so far unmet expectations of a major slowdown). “High US policy rates and, more recently, investor repositioning in anticipation of a later start to US monetary easing have provided a large degree of support for the currency. However, the dollar has rarely been so strong relative to interest-rate…
Read More
Cedi Freefall: Task Force To Monitor All Foreign Exchange Bureaux In Motion-BoG
28 May

Cedi Freefall: Task Force To Monitor All Foreign Exchange Bureaux In Motion-BoG

wontumionlineBusiness
The Bank of Ghana has set up a task force to monitor all the foreign exchange bureaux to ensure compliance, The Inquirer can report. In line with this, the Governor of the BoG Dr Ernest Addison said, all foreign exchange bureaus advertising rates outside their premises and on social media platforms must immediately desist from the practice. The Bank said it is fully aware of the operations of illegal operators in the foreign exchange market and is working with the Financial Intelligence Centre to sanitise the foreign exchange market. Foreign exchange bureaux monitoring will be stepped up to ensure compliance…
Read More
Cedi Hits GH¢14 Against The US Dollar
25 Apr

Cedi Hits GH¢14 Against The US Dollar

wontumionlineBusiness
The cedi has reached a new low, hitting GH¢14 against the US dollar, marking a year-to-date depreciation of approximately 12.08%. Various forex bureaus are reported to be selling the dollar for an average of GH¢14, highlighting the significant strain on the local currency. Despite earlier forecasts, analysts had expected the cedi to further depreciate against the dollar this week, reflecting ongoing pressures. Although Fitch Solutions predicts that the cedi will rebound to GH¢12.25 by the end of the year, citing potential recovery in the coming months, the London-based firm underscores the importance of the government's efforts in restructuring commercial debt…
Read More