CEDI

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

wontumionlineBusiness, ,
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

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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

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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

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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

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

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

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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…
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Cedi Stabilisation Critical To Affordable Fuel Prices – CBOD
05 Jun

Cedi Stabilisation Critical To Affordable Fuel Prices – CBOD

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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…
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Cedi Faces Pressure Amid US Debt Ceiling Negotiations
30 May

Cedi Faces Pressure Amid US Debt Ceiling Negotiations

wontumionlineBusiness
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…
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Cedi To Record Gains Against Dollar As Expected IMF Deal Impacts Market
16 May

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

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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…
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Fuel Prices To Fall Again From May 16 – IES
15 May

Fuel Prices To Fall Again From May 16 – IES

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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…
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