CEDI Archives - Page 5 of 5

06 Jun

Cedi Depreciation Against Dollar Slows Down; May Record Mixed Performance This Week

Wontumi1BusinessBoG, CEDI, dollar, euro, Pound

The Ghana cedi slowdown its deprecation against the dollar last week, as the local currency lost only 1.28% on the retail market. The cedi also lost 2.60% in value to the pound, while it weakened 2.01% to the euro. This is coming after the Bank of Ghana provided approximately $14.5 million in spot market support, while allocating $20 million to Bulk Oil Distributing Companies, but this support was insufficient to alleviate demand pressures for the greenback. Analysts are, however, anticipating a mixed performance of the cedi against the major foreign currencies this week. With the International Monetary Fund programme taking…

05 Jun

Cedi Stabilisation Critical To Affordable Fuel Prices – CBOD

Wontumi2BusinessCEDI, fuel, Ghana Chamber of Bulk Oil Distributors

The Ghana Chamber of Bulk Oil Distributors (CBOD) has called on the government of Ghana to expedite measures in stabilizing the Cedi to ensure reductions in the prices of fuel across the country. The Chamber believes that a stable currency will see a reduction in the prices of diesel, petrol and prices of other goods and services. The Chief Executive Officer of CBOD, Patrick Ofori, speaking during a virtual media interaction, stated that even though international market prices and forex rates affect fuel pump prices, the forex rate changes on pump prices had an enormous impact on fuel prices in…

30 May

Cedi Faces Pressure Amid US Debt Ceiling Negotiations

Wontumi2BusinessCEDI

The local currency has experienced a reversal of its recent gains, losing 1.48 percent. It traded at GH¢10.98 to the United States (US) dollar at the end of last week. Initially, positive market sentiments prevailed and were attributed to approval of the US$3billion International Monetary Fund (IMF) bailout programme. However, an increase in demand for hard currency exerted pressure on the local unit despite tight supply conditions. During a recent Monetary Policy Committee meeting, the Bank of Ghana decided to maintain its policy rate at 29.5 percent. This decision took into account factors such as easing inflationary pressure observed in April, which stood at…

16 May

Cedi To Record Gains Against Dollar As Expected IMF Deal Impacts Market

Wontumi1Businessbalance of payment, CEDI, dollar, IMF

The Ghana cedi is expected to record gains against the dollar and other major foreign currencies this week, as the progress of the International Monetary Fund (IMF) deal favorably impacts the market. According to many analysts that spoke to Joy Business, the cedi’s performance since March 2023 has been surprising, despite Ghana’s weak balance of payment position. In the first two months of 2023, the cedi lost about 22.1% to the US dollar, but has since March 2023 remain stable against the US dollar. According to Bloomberg, the cedi strengthened by 5.3% on May 15, 2023, the most since April…

15 May

Fuel Prices To Fall Again From May 16 – IES

Wontumi1BusinessCEDI, Diesel, IES, LPG, Petrol

Prices of petrol, diesel and Liquefied Petroleum Gas (LPG) are expected to fall marginally again at the pumps from tomorrow, May 16,2023, for the next 14 days. According to the Institute for Energy Security (IES), this is on the back of a reduction in prices of finished products on the world market and the stability of the cedi. Therefore diesel, petrol and LPG are expected to sell at ¢12.30, ¢12.15 and ¢12.12 respectively. “The Institute for Energy Security (IES) monitoring of prices over the past two weeks on the Global Standard & Poor (S&P) Platts platform indicate the prices of…

25 Aug

Even In Europe The Dollar Has Broken Jail- Chairman Wontumi Schools John Mahama (PHOTO)

Kakra NunuBusiness, NewsCEDI, dollar, euro

The Ashanti Regional Chairman for the New Patriotic Party (NPP), Mr. Antwi-Boasiako has schooled former President John Mahama on reasons the dollar is doing well against currencies such the euros and the cedis. Currently in Europe, the euro has fallen below parity with the dollar, diving to its lowest level in 20 years and ending a one-to-one exchange rate with the U.S. currency. Mr. Antwi-Boasiako popularly known as Chairman Wontumi admitted that he feels embarrassed that Mr. John Mahama left out external factors in his analysis before deciding to taunt Vice President Bawumia over the rise of the dollar. According…

21 Sep

Cedi Heading For Best Performance Since 2006

Jackson Odom KpakpoBusinessCEDI

Cedi Heading For Best Performance Since 2006 Ghana’s cedi has weakened every year since at least 1994. Now the central bank appears to have drawn a line in the sand, ready to intervene should the currency slip out of the tight range it’s held since May. The Bank of Ghana has sold dollars in the spot and forward markets to stabilise the cedi and closely monitors foreign-exchange trading to keep speculation to a minimum, according to traders and analysts who spoke to Bloomberg. The central bank is well-armed with foreign-exchange reserves after a $3 billion Eurobond sale in February. That…