CEDI Archives - Page 9 of 12

06 Feb

Fitch Reiterates Position Cedi Will Record Strong Performance In 2023

wontumionlineBusinessCEDI, Fitch solutions, imf, Mike Kruninger

Fitch Solutions has reiterated that the Ghana cedi will record a strong performance against the US dollar in 2023. According to the UK based firm, this will come on the back of an expected boost in the country’s reserves as a result of $3 billion from the International Monetary Fund support programme and an improvement in the current account position. The government of Ghana is optimistic of concluding its Debt Exchange Programme by the end of February 2023, Speaking at a Sub-Saharan Africa Market Update, Senior Country Analyst, Mike Kruninger, said the cedi’s performance in 2023 will be very much…

02 Feb

Cedi Continues Stability Against Dollar; $1 Equals ¢12.60

wontumionlineBusinessCEDI, dollar, Domestic Debt Exchange

The Ghana cedi continued its good running against the US dollar for almost two weeks as it sold at ¢12.60 to one US dollar on the forex or retail market. This is coming after it recorded a little over 17% depreciation to the world’s most important currency in January 2023 alone. The local currency has recorded about 2% improvement in value to the American ‘greenback’ this week, signalling to investors that the government is progressing with its Domestic Debt Exchange Programme. However, the same cannot be said about the cedi’s performance against the euro and the pound as it has…

02 Feb

Cedi Continues Stability Against Dollar; $1 Equals ¢12.60

wontumionlineBusinessCEDI, dollar, Domestic Debt Exchange

The Ghana cedi continued its good running against the US dollar for almost two weeks as it sold at ¢12.60 to one US dollar on the forex or retail market. This is coming after it recorded a little over 17% depreciation to the world’s most important currency in January 2023 alone. The local currency has recorded about 2% improvement in value to the American ‘greenback’ this week, signalling to investors that the government is progressing with its Domestic Debt Exchange Programme. However, the same cannot be said about the cedi’s performance against the euro and the pound as it has…

01 Feb

Cedi To Remain Stable Against Dollar

wontumionlineBusinessCEDI, dollar, Domestic Debt Exchange Programme, imf

The Ghana cedi is expected to remain stable and probable improve its value against the dollar in the coming days and weeks. This is due to significant steps made by the government to achieve the Domestic Debt Exchange programme target. The completion of the programme will pave the way for the crucial International Monetary Fund Board approval of a support programme for Ghana. The Ghana cedi has in the past week exhibited stability against the US dollar after a poor performance in January 2023. It gained a marginal 0.78% value to the American greenback last week to trade at about…

30 Jan

Fuel Prices To Increase By 7%-13% From February 1, 2023 – IES

wontumionlineBusinessCEDI, Diesel, fuel prices, Institute for Energy Security (IES), LPG, Petrol

The Institute for Energy Security (IES) is predicting between 7% and 13% jump in the prices of petrol, diesel and Liquefied Petroleum Gas (LPG), from February 1, 2023, for the next two weeks. This means petrol will sell at about ¢15 per litre, whilst diesel will go for over ¢17 per litre. According to the IES, the rise in domestic fuel prices, is due to the sharp depreciation of the cedi during the last two weeks and the rising international fuel prices as observed on the global S&P Platts platform. The energy think tank pointed out that the increase in…

25 Jan

Cedi To Continue Stability Against Dollar

wontumionlineBusinessBDCs, BoG, CEDI, dollar

The Ghana cedi is expected to further stabilise against the US dollar on the back of continued Bank of Ghana support. The cedi traded at a mid-rate of ¢12.90, losing 1.55% value to the American greenback the past week. This is against about 7.48% the previous week. The local currency’s performance has been better this week as it continues its stability in the retail or forex market. It is being quoted at ¢10.36 to one US dollar on the interbank market. Last week, the foreign exchange auction for the Bulk Oil Distribution Companies was suspended because the first batch of…

18 Jan

Cedi To Depreciate Till End Of January – GUTA President

wontumionlineNewsCEDI, CEDI DEPRECIATION, Joseph Obeng

The President of the Ghana Union of Traders Associations (GUTA), Joseph Obeng has predicted that the cedi will see a further depreciation till the end of January. He said the current depreciation of the cedi can be blamed on repatriation of the dollar to China by Chinese resident in Ghana, He said, at this time of the year, these Chinese return to their home country for holidays. Speaking in an interview on Joy FM’s Top Story on Tuesday, Mr Obeng explained that the situation would persist till the repatriation of the dollar is contained. “Until we have a permanent solution…

17 Jan

Poor Performance Of Cedi In 2022 Will Not Repeat Itself – BoG Governor Assures

wontumionlineBusinessBoG, CEDI, Dr. Ernest Addison

The dollar has begun a steady rise over the cedi in the last few weeks prompting fear the country is heading back to the dark days of 2022 when the cedi depreciated. The Bank of Ghana is today quoting the exchange rate at ¢10.30 to the dollar but the rate is slightly higher in the commercial space with some quoting ¢12.50. But despite the rise, the Governor of the central bank Dr Ernest Addision is confident the worst days of the cedi are over. According to him, the poor performance of the currency in 2022 will not repeat itself. This,…

17 Jan

Year-To-Date: Cedi Depreciates By 12.7% To Dollar; Second Weakest Among Top African Currencies

wontumionlineBusinessAfrica top currencies, CEDI, dollar, year-to-date

With only 17 days into the year, the Ghana cedi has depreciated by about 12.7% to the US dollar. The significant fall in the value of the cedi which occurred yesterday, January 16, 2023 and today, January 17, 2022 places the local currency as the second weakest currency among 15 top currencies in Sub-Saharan Africa. The Egyptian pound is the weakest currency among the 15 top currencies in Sub-Saharan Africa. Its economy is also battling with high debt levels, rising inflation and increasing cost of living standards. The woes of the cedi is not getting better as anticipated as the…

17 Jan

Cedi Depreciation Due To Pressure On Economy – BoG Governor

wontumionlineBusinessCEDI, Dr. Ernest Addison, Public Accounts Committee of Parliament

The Governor of the Bank of Ghana, Dr Ernest Addison, has indicated that the pressure on the Ghanaian economy is the reason behind the depreciation of the cedi. Appearing before the Public Accounts Committee of Parliament, he said his outfit cannot fix the exchange rate if there is so much pressure on the economy. “It reflects the movement on a day-to-day basis. If there is additional demand for cedis the currency will be restricted. The Central Bank cannot fix the exchange rate, it depends on what transactions have taken place like payments to contractors.” “Typically that kind of payment can…