CEDI Archives - Page 3 of 12

31 Jul

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

wontumionlineBusinessCEDI

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…

16 Jul

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

wontumionlineBusinessCEDI

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…

11 Jun

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

wontumionlineBusinessCEDI, DOLLAR RATE

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…

10 Jun

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

wontumionlineBusinessAfenyo Markin, CEDI

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…

06 Jun

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

wontumionlineBusinessCEDI, dollar, Economy, EIU

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…

28 May

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

wontumionlineBusinessCEDI

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…

25 Apr

Cedi Hits GH¢14 Against The US Dollar

wontumionlineBusinessCEDI

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…

16 Apr

Cedi Depreciates 9.65% To Dollar

wontumionlineBusinessCEDI, dollar

The Ghana cedi returned to its loss trajectory last week as it has depreciated by 9.65% to the dollar on the retail market since the beginning of the year. This is despite the Bank of Ghana’s intervention. The Central Bank auctioned $20 million to the Bulk Oil Distribution Companies at a forward rate of GH¢13.23 to a dollar. The local currency shed 0.19% in value to the American greenback last week. It also weakened 0.90% to the pound but closed with a 0.17% gain against the pound. Ghana and officials of the International Monetary Fund on Sunday reached a staff-level…

12 Mar

Cedi Regains Some Stability Against Dollar; One Dollar Going For GH¢13.10

wontumionlineBusinessCEDI, Cedi to dollar

The Ghana cedi regained some stability against the US dollar last week, preserving its year-to-date loss of about 6.35%. After a difficult period in the past two weeks, the cedi regained its footing as it firmed against the major trading currencies. Although corporate demand exerted some pressure on the local currency, the Bank of Ghana’s marginal $17 million market intervention helped hold the cedi steady. As a result, it advanced by 0.93% and 1.43% week-on-week versus the pound and the euro but remained unchanged against the dollar at a mid-rate of GH¢13.05 to a dollar on the retail market. Meanwhile,…

02 Mar

Gold-For-Oil Programme Strengthened Cedi – Gov’t

wontumionlineBusinessCEDI, Gold for Oil policy, Gov't

Minister of State-Designate for the Finance Ministry Abena Osei-Asare has told parliament that the government's gold-for-oil programme "improved the strength of the cedi". Debating President Nana Akufo-Addo's State of the Nation Address on the floor of Parliament on Thursday, 29 February 2024, Ms Osei-Asarw said "we all saw how the cedi depreciated against major currencies in November 2022". "It went as high as 54 per cent to the dollar and Mr Speaker, due to this programme, we have seen the cedi gain some strength and as we speak, from February 2023 to December 2023, the cedi depreciated by just 9…