CEDI

Cedi To Appreciate By 1.0% To Dollar In 2024 – Fitch Solutions
09 Oct

Cedi To Appreciate By 1.0% To Dollar In 2024 – Fitch Solutions

Wontumi1Business, ,
The Ghana cedi is expected to strengthen by roughly 1.0% to the US dollar in 2024, Fitch Solutions has disclosed in its latest Country Risk on Ghana. This will make it one of the best-performing currencies in Africa during the period. According to the UK-based firm, the government will make progress regarding the restructuring of Ghana’s external debt under the G20 Common Framework by the second quarter of 2024. This it says will boost investor sentiment towards Ghanaian assets, drive capital inflows, and provide support to the cedi. “We forecast that the exchange rate will strengthen by roughly 1% in…
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Increased Domestic Demand And Strengthening Of Dollar Globally To Weigh On Cedi
03 Oct

Increased Domestic Demand And Strengthening Of Dollar Globally To Weigh On Cedi

Wontumi1Business, , ,
Increased domestic demand and the strengthening of the US dollar globally are expected to weigh on the cedi this week as some analysts predict a marginal weakening of the local currency this week. The dollar strengthened globally as the Fed intends to keep U.S. policy rates higher for a longer period. Last week, the local currency lost marginally against the American greenback. It tumbled as demand pressures continued to build up against the Bank of Ghana’s foreign exchange support. The Central Bank held its bi-weekly foreign exchange auction for Bulk Oil Distributing Companies and provided $20 million. Additionally, the Central…
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EIU Revises Cedi Depreciation To Dollar Forecast To 23% In 2023; Currency To Remain 3rd Weakest In Africa
20 Sep

EIU Revises Cedi Depreciation To Dollar Forecast To 23% In 2023; Currency To Remain 3rd Weakest In Africa

Wontumi1Business, ,
The Economist Intelligence Unit (EIU) has revised its projected depreciation of the cedi to dollar in 2023 to about 23.0%, from the earlier 30.0%. According to its 2023 Updated African Outlook Report, this will place the local currency as the third weakest in African this year. That was a business desk report According to the UK-based firm, the cedi will depreciate lower than the 44.0% recorded against the American greenback in 2023. Presently, the local unit has declined in value by a little above 22% to the world’s most important currency, according to data from the Bank of Ghana. This…
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Cedi Expected To Remain Stable Against Dollar This Week; $1 Going For ¢11.58
19 Sep

Cedi Expected To Remain Stable Against Dollar This Week; $1 Going For ¢11.58

Wontumi1Business, , , ,
The Ghana cedi is expected to remain relatively stable against the US dollar this week as risk-off investor sentiment cools off. Demand for US dollar last week outstripped supply despite a slowing inflation. This caused the cedi to fall to levels seen in the second quarter of 2023. The Bank of Ghana provided $20 million in the 36th bi-weekly foreign exchange auction to the Bulk Oil Distribution Companies, but this was insufficient to slowdown the rising corporate demand. The local currency lost marginally (0.46%) to the US dollar last week. Conversely, it gained 0.17% the pound, but remained stable against…
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Cedi To End 2023 At ¢11.40 To A Dollar – Fitch Solutions
12 Sep

Cedi To End 2023 At ¢11.40 To A Dollar – Fitch Solutions

Wontumi1Business, , ,
Fitch Solutions is forecasting that the Ghana cedi would end 2023 at ¢11.40 against the US dollar. This is lower than the ¢12.40 it predicted early in the year, at a time Ghana was yet to reach an agreement with the International Monetary Fund for a bailout package. The UK-based firm is also projecting ¢10.90 to one dollar in 2024, fuelled by expected inflows from the International Monetary Fund programme and improve investor confidence. The cedi is presently going for ¢11.53 to the dollar in the retail market and ¢11.05 to the American greenback on the interbank market. Since Ghana…
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Cedi To Exhibit Mixed Performance Against Dollar This Week; Going For ¢11.48
22 Aug

Cedi To Exhibit Mixed Performance Against Dollar This Week; Going For ¢11.48

Wontumi1Business, ,
The Ghana cedi will continue to exhibit mixed performance this week against the major foreign currencies as renewed corporate demand surges. This is coming after the local currency recorded mixed performance last week. Last week, the cedi held steady during the initial sessions after the Bank of Ghana provided some foreign exchange support, but weakened at the tail end due to rising corporate demand. The local cedi lost 0.44% week-on-week against the US dollar to end last week’s trade at a mid-rate of ¢11. 48 pesewas on the retail market. It, however, remained stable against the pound while advancing 1.61%…
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Cedi Expected To Post Mixed-Performance This Week Due To Inflationary Pressures
15 Aug

Cedi Expected To Post Mixed-Performance This Week Due To Inflationary Pressures

Wontumi1Business, , ,
The Ghana cedi is expected to post a mixed-performance this week as a widening inflation differential may pose depreciatory pressures. This is because investors are seeking investments in dollar denominated or fixed assets. The Ghana cedi remained stable against the US dollar last week on the retail market with a mid-rate of ¢11.43 at the close of trading last Friday, August 11, 2023. This kept its year-to-date at about -11.0% to the American greenback. The local currency, however, lost marginally (week-on-week) against the dollar on the interbank market, bringing its year-to-date loss to about 21.00%. The unit also slid slightly against…
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Use Mid-Year Budget To Address Exchange Rate Fluctuations – Electronic Dealers Association To Ofori-Atta
27 Jul

Use Mid-Year Budget To Address Exchange Rate Fluctuations – Electronic Dealers Association To Ofori-Atta

Wontumi1Business, ,
The Ghana Electronics and Musical Instruments Dealers Association is appealing to the Finance Minister, Ken Ofori-Atta, to use the mid-year budget to address exchange rate challenges in the country. Chairman of the association, Vincent Osei, appealed to the Finance Minister to consider pegging the cedi at a fixed rate to reduce the cost of doing business in the country. Speaking to Joy Business on the sidelines of a health screening for the elderly as part of the association’s 15th anniversary celebration, Mr. Osei said, a robust cedi performance will help reduce the cost of doing business. “The main point is…
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Cedi’s Outlook To Be Stable This Week
18 Jul

Cedi’s Outlook To Be Stable This Week

Wontumi1Business, , , ,
The outlook of the cedi is expected to be stable this week despite the near-term outlook remaining a concern. Many analysts believe the local currency will benefit from the weakening dollar. The cedi is expected to continue its fine run in the lead-up to the Monetary Policy Committee (MPC) meeting from tomorrow July 19, 2023, and the press conference slated for Monday, July 24. Beyond July, the local currency’s outlook will hinge on progress with external debt restructuring, the revised fiscal framework, COCOBOD’s annual cocoa loan syndication, and a successful first review of the International Monetary Fund programme. Cedi remained…
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Cedi Gained 0.43% To Dollar Last Week; Outlook Favourable
13 Jun

Cedi Gained 0.43% To Dollar Last Week; Outlook Favourable

Wontumi1Business, , ,
The Ghana cedi gained a favorable 0.43% against the US dollar in the retail market last week. It traded at a mid-rate of ¢11.73 to one Us dollar. The local currency however depreciated against the pound and the euro respectively. The year-to-date loss of the cedi to the American greenback hovered around 12%. On the interbank market, the local currency has however depreciated by about 20% to the US dollar. It is currently selling at ¢10.98 to one dollar. Rating agency, Fitch, upgraded Ghana’s Local Currency (LC) on June 6, 2023, from Ca to Caa3. Additionally, the rating agency maintained…
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