CEDI

Cedi’s Performance Remained Unchanged To Dollar In First Week Of 2024; One Dollar Equals ¢12.20
10 Jan

Cedi’s Performance Remained Unchanged To Dollar In First Week Of 2024; One Dollar Equals ¢12.20

wontumionlineBusiness, ,
The Ghana cedi traded unchanged against the US dollar last week at a mid-rate of GH¢12.18/$ on the retail market. The same story emerged on the interbank market. However, it shed 0.49% and 0.56% week-on-week against the pound and euro respectively. The foreign exchange market also experienced a decrease in liquidity levels last week as the Bank of Ghana’s supply-side intervention took a pause. But corporate demand remained elevated after the yuletide. Ghana and its bilateral creditor committee met on Monday, January 8, 2023. While awaiting the meeting outcome, a positive conclusion will pave the way for Ghana to receive…
Read More
Foreign Exchange Liquidity Improves Marginally; One Dollar Going For ¢12.15
12 Dec

Foreign Exchange Liquidity Improves Marginally; One Dollar Going For ¢12.15

wontumionlineBusiness, , , ,
The cedi is expected to continue its marginal gain this week as foreign exchange liquidity improves. This follows the Bank of Ghana’s timely intervention. Banks sought to exchange about $750 million for cedi liquidity in a bid to comply with the Bank of Ghana’s unified currency reserves. The local currency witnessed some relief last week. Amidst a one million dollar foreign exchange support from the Central Bank, the local unit gained 0.82% weekly, eventually trading at a mid-rate of ¢12.18 to one dollar. Similarly, the cedi closed stronger by 2.51% and 0.16% week-on-week against the pound and the euro in…
Read More
Cedi To Record single-digit depreciation Against Dollar In 2024 – EIU
21 Nov

Cedi To Record single-digit depreciation Against Dollar In 2024 – EIU

wontumionlineBusiness, , ,
The Ghana cedi could record a single-digit depreciation against the US dollar in 2024, The Economist Intelligence Unit has disclosed in its 2024 Africa Outlook Report. According to the UK-based firm, the cedi will benefit from the International Monetray Fund Programme. It stated that only five African countries (Egypt, Sudan, Ethiopia, Angola, and Zimbabwe) will experience double-digit depreciation of their currencies in 2024. “The Central and West African countries that make up the CFA franc zone will experience currency appreciation in 2024. The currencies of most other African countries will depreciate next year, with five experiencing double-digit depreciation: Egypt, Sudan,…
Read More
Pressure On Cedi Mounts; One Dollar Equals ¢12.13
14 Nov

Pressure On Cedi Mounts; One Dollar Equals ¢12.13

wontumionlineBusiness, ,
The high demand for the US dollar continues to weigh on the Ghana cedi as the local currency lost some ground against the American ground today. According to data from the forex market, the local unit depreciated by 0.41% day-on-day on November 13, 2023. This means the cedi is now going for ¢12.13 on average to one American greenback in the retail market. However, the Bank of Ghana is quoting a dollar to ¢11.52 on the interbank market. Some market analysts are attributing the recent depreciation of the local currency to the Christmas festivities where importers are bringing in more…
Read More
Cedi To Remain Stable Against Dollar In Near Term; $1 Equals ¢12.01
07 Nov

Cedi To Remain Stable Against Dollar In Near Term; $1 Equals ¢12.01

wontumionlineBusiness, , ,
The cedi will remain stable against the US dollar in the near term as the upgrade in Ghana’s rating by Fitch Ratings is expected to positively impact sentiments around the local currency, some analysts have stated. Following the successful conclusion of the domestic debt exchange programme, Fitch, upgraded Ghana's Long-Term Local Currency Issuer Default Rating from Restrictive Default to ‘CCC’. This they believe, will impact on the cedi in the short term. The rating agency also maintained a stable outlook on the local currency IDR and expects that a successful external debt restructuring with the resultant disbursement from the International…
Read More
Pressure On Cedi To Ease This Week
24 Oct

Pressure On Cedi To Ease This Week

wontumionlineBusiness
The pressure on the Ghana cedi is expected to ease this week, following the anticipated news of the inflow of the $800 million cocoa syndication loan by next month. Analysts believe the expected inflow of the first tranche of the cocoa syndication loan would soften the pressure on the local currency. Again the 39th biweekly Bulk Oil Distribution Companies Foreign Exchange auction slated for this week will help reduce the demand for the dollar and cushion the cedi. Last week, the local unit lost 1.99% to the dollar, amidst limited Bank of Ghana foreign exchange support. This took its year-to-date…
Read More
Cedi Now Going For ¢12.10 To A Dollar; Demand For American Greenback Surges Ahead Of Christmas
19 Oct

Cedi Now Going For ¢12.10 To A Dollar; Demand For American Greenback Surges Ahead Of Christmas

wontumionlineBusiness, , , ,
The Ghana cedi is now going for ¢12.10 against the US dollar on the forex or retail market. This is despite forecasts by many analysts and research institutions that it will end the year at an average of ¢11.60 to the American greenback. Checks by Joy Business at some forex bureaus indicate that the demand for the dollar is high two months before the Christmas season. There had been significant foreign exchange demand from local corporates and importers ahead of the festive season. However, the expected inflows of $600 million from the International Monetary Fund in November 2023 may reverse…
Read More
Cedi To Weaken For Third Weak Running; Going For ¢11.85 To One Dollar
17 Oct

Cedi To Weaken For Third Weak Running; Going For ¢11.85 To One Dollar

wontumionlineBusiness, , , ,
The Ghana cedi is expected to weaken for the third week running against the US dollar. This follows rising foreign exchange demand from local corporates and importers ahead of the Christmas season. Last week, the Central Bank auctioned $20 million to Bulk Oil Distribution Companies and $2.0 million for spot market interventions. These many analysts said were insufficient to meet the persistent foreign exchange demand. Nonetheless, the rate of depreciation is not alarming. The local currency depreciated last week following limited foreign exchange support from the Bank of Ghana. It lost 0.17% in value against the dollar, closing at ¢11.84.…
Read More
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

wontumionlineBusiness, ,
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…
Read More
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

wontumionlineBusiness, , ,
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…
Read More