CEDI Archives - Page 9 of 11

16 Jan

Petrol Now Sells At ¢13.90 With Diesel Going For ¢15.60 Per Litre

wontumionlineBusinessCEDI, Diesel, dollar, Oil marketing companies, OMCs, Petrol

Some Oil Marketing Companies (OMCs) have started increasing the prices of petroleum products at the pumps. The marginal increase is due to the depreciation of the cedi and the slight increase in the price of crude oil. It is the first in about a month. Now, the price of petrol per litre is going for about ¢13.90, from ¢12.40, whilst that of diesel is selling at about ¢15.60 per litre, from about ¢13.70. The prices are, however, slightly lower at some OMCs. It is unclear whether the price of Liquefied Petroleum Gas (LPG) will go up or remain stable. The…

12 Jan

Cedi To Witness More Pressure If Current Account Deficit Is Not Checked – World Bank

wontumionlineBusinessCEDI, world bank

The World Bank has warned that the Ghana cedi may continue to come under pressure in 2023 against the U.S dollar if efforts are not directed at controlling the country’s current account deficit to a sustainable level. The caution was captured in the World Bank’s January 2022 Global Economic Prospects report. “Large current account deficits are likely to keep currencies under pressure in several countries, adding to inflation and external vulnerabilities (Gambia, Ghana)”, the report said. The report encouraged government to take extra measures to manage its current account deficit in 2023. It further pointed out the need to institute…

10 Jan

Cedi Depreciates Marginally To Sell At ¢12 To A Dollar

wontumionlineBusinessBoG, CEDI, dollar, imf

The Ghana cedi is now selling at ¢12 to the US dollar in the retail or forex market, following days of sustained stability. This is about 0.86% loss in value since the beginning of the year. The Bank of Ghana is however quoting a dollar for ¢9.00 on the interbank forex market. Checks by Joy Business at some forex bureaus indicate that the pound is the major currency that has lost more value so far in 2023. One pound is presently going for ¢14.20. The euro has also depreciated by a little over 1%, trading at ¢12.50. Analysts and market…

28 Dec

Cedi To Depreciate By About 22% In 2023 – EIU

wontumionlineBusinessAfrica Outlook 2023 Report, CEDI, dollar, EIU

UK based Economist Intelligence Unit (EIU)is predicting about 22% depreciation of the cedi to the dollar in 2023. This will rank the local currency as the 3rd weakest performing currency on the African continent, according to its Africa Outlook 2023 Report. The EIU expects the exchange-rate weakness to continue into 2023, albeit to a lesser degree. “Most African currencies have lost substantial value against the US dollar during 2022 and we expect exchange-rate weakness to continue into 2023, albeit to a lesser degree”. It maintained that the currencies of the troubled states of Sudan and Zimbabwe will be among the weakest…

16 Dec

Government Must Come Clean On Its Policy Intent For Cedi, Economy – Dr. Akpabli

wontumionlineBusinessCEDI, Dr. Alex Akpabli

Vice President of the Ghana Association of Forex Bureaus, Dr. Alex Akpabli, has urged government to come clean on its policy intent for the Ghana cedi and the economy in general. According to him, although it is not clear whether the recent rapid appreciation of the cedi is as a result of market forces or a policy intervention, the government making known its intention will be easier for the financial sector to join in achieving it. Speaking on JoyNews’ PM Express Business Edition, he said a purpose driven depreciation of the cedi would probably be as a result of the…

15 Dec

Fitch Solutions Predicts Stronger Cedi In 2023

wontumionlineBusinessCEDI, dollar, Fitch solutions, Ghana’s 2023 Economic Outlook, pound

International institution, Fitch Solutions, is predicting a stronger cedi against the major foreign currencies in 2023. According to its latest analysis of Ghana’s 2023 Economic Outlook, it said the likely programme from the International Monetary Fund (IMF) signals through investors that the government is committed to fiscal consolidation that will turn around the country’s economic predicament. Senior Country Risk Analyst at Fitch Solutions, Mark Kruninger said the announcement of the staff-level agreement by the IMF has helped to improve the value of the cedi. The local currency has for the past one week witnessed over 20 percent gain in value…

13 Dec

Confidence In Foreign Exchange Market To support Cedi’s Rally

wontumionlineBusinessCEDI, imf, investor sentiment, pound

Confidence in the foreign exchange market is expected to support the cedi’s rally against the US dollar and the other major foreign currencies in the coming weeks. This follows rising investor sentiments that the country and the International Monetary Fund (IMF) will reach a Staff-Level agreement today. According to Databank Research, it expects a possible IMF programme to turn the economy around. “The Ghana cedi started to see gains against the major trading currencies after the government launched the domestic debt exchange programme. This contributed to easing the pressures as the improved visibility of Ghana’s economic outlook calmed investors’ fears…

12 Dec

Cedi Gaining, Fuel Prices Coming Down; The Govt Is Working – Owusu-Bempah

wontumionlineBusinessCEDI, Cedi appreciation, fuel prices

The Akufo-Addo administration is working around the clock to ameliorate the economic conditions Ghanaians are saddled with at the moment, a Deputy Communications Director of the New Patriotic Party (NPP) Ernest Owusu-Bempah has said. He noted that the efforts of the government have resulted in the Cedi gaining against the Dollar and drop in fuel prices. Addressing the press in Accra on Friday December 9, to react to the lost censure motion that was filed by the Minority for the removal of the Finance Minister Ken Ofori-Atta, Mr Owusu-Bempah said the government acknowledges the economic challenges Ghanaians are going through. “The…

06 Dec

Cedi Strengthens In Value Against Dollar; 1$ Now ¢13.70

wontumionlineBusinessCEDI, dollar, pound

The Ghana cedi strengthened in value against the dollar almost a day after the government launched the Debt Exchange Programme. The local currency also improved in value against the other major foreign currencies, the pound and the euro. It is being sold by forex bureaus at an average of ¢13.70 to the American ‘greenback’. It is also going for ¢14 to the euro and ¢16.70 to the pound It is, however, unclear why the cedi gained value against these major international currencies. But some market watchers and analysts may attribute it to the Debt Exchange Programme as the government defined…

28 Nov

BoG Pegs Cedi Depreciation To Dollar At 54%

wontumionlineBusinessBoG, CEDI, pound

The Bank of Ghana has pegged the rate of depreciation of the cedi to the dollar at 54.2% in almost 11 months of 2022. However, the Central Bank in its November 2022 Summary of Economic and Financial data quoted the cedi to dollar at ¢13.10 to one US dollar. This is lower than the retail market or forex bureau rate of about ¢14.90 to one American ‘greenback’. For the pound sterling, the local currency has declined in value by about 48.9% since the beginning of the year. It is currently selling at ¢17.48. It has also depreciated by about 50%…