dollar Archives - Wontumi Online

06 Nov

Dollar and Bitcoin Soar As Trump Wins Presidency

Wontumi1BusinessBitcoin, dollar, Kamala Harris, Trump

The US dollar has surged as Donald Trump is now projected to have won the presidency and will re-enter the White House. Bitcoin has also hit a record high while traders bet on potential tax cuts, increased tariffs, and rising inflation under Trump's second term. This election result will have a major impact on the global economy. The Republican Party is also set to take control of the Senate, although there are still votes left to count. The dollar has soared by about 1.4% against a host of different currencies, including the pound, euro and the Japanese yen. In Japan,…

05 Nov

Cedi Rate Shoots Up, Selling At GH¢17.20 To US$1

Wontumi1BusinessCEDI, dollar

Ghana’s local currency continues to experience persistent depreciation against major trading currencies such as the US dollar. The cedi which was under pressure throughout the year, recorded relative stability in July this year, while inflationary pressures continued declining. However, checks by GhanaWeb Business as of November 5, 2024, at 8:00 AM show that the cedi is trading at GH¢17.20 to the dollar, while the pound is trading at GH¢22 at some major forex bureaus across the country. Additionally, the Euro is trading at GH¢18.50 on the retail market. The decline of the cedi against major trading currencies will further worsen the woes…

17 Sep

Cedi Records Gains Against Dollar, Others Last Week; One Dollar Going For GH¢16.41

Wontumi2Businessdollar

The Ghana cedi recorded some gains last week against the US dollar and the other major foreign currencies after weeks of sustained depreciation. This was buoyed by improved market liquidity. The recovery came amidst resurfacing corporate demand pressure, largely due to seasonal demand ahead of the yuletide. The Bank of Ghana (BoG) sold US$37 million during the 7-day forward auction while also auctioning US$20 million to the Bulk Oil Distributing companies. Following BoG’s support, the cedi gained 0.46% week-on-week to the dollar. It ended the week trading at a mid-rate GH¢16.40 to one American greenback. Additionally, it surged 0.47% week-on-week…

06 Jun

EIU Predicts Persistent Stronger US Dollar; One Dollar Equals GH¢14.90

Wontumi1BusinessCEDI, dollar, economy, EIU

The US dollar remains close to an all-time high in real effective terms. According to the Economist Intelligence Unit, the remarkable resilience of the greenback is a reflection on the strength of the US economy, which has defied high interest rates and market predictions (a record-long period of yield curve inversion indicates so far unmet expectations of a major slowdown). “High US policy rates and, more recently, investor repositioning in anticipation of a later start to US monetary easing have provided a large degree of support for the currency. However, the dollar has rarely been so strong relative to interest-rate…

16 Apr

Cedi Depreciates 9.65% To Dollar

Wontumi1BusinessCEDI, dollar

The Ghana cedi returned to its loss trajectory last week as it has depreciated by 9.65% to the dollar on the retail market since the beginning of the year. This is despite the Bank of Ghana’s intervention. The Central Bank auctioned $20 million to the Bulk Oil Distribution Companies at a forward rate of GH¢13.23 to a dollar. The local currency shed 0.19% in value to the American greenback last week. It also weakened 0.90% to the pound but closed with a 0.17% gain against the pound. Ghana and officials of the International Monetary Fund on Sunday reached a staff-level…

27 Feb

Cedi Depreciates 4.44% To Dollar Since January 1, 2024; One Dollar Equals GH¢12.85

Wontumi1BusinessCEDI DEPRECIATION, dollar

The Ghana cedi has lost about 4.44% in value to the US dollar since the beginning of the year. Last week, the local currency weakened 1.37% to the American greenback week-on-week, as a result of immense corporate demand and cedi-funded foreign exchange pressure. Despite the Central Bank selling $18.5 million on the spot market, it could not keep the cedi afloat as it weakened to close at a mid-rate of GH¢12.75 to the dollar. Similarly, the cedi shed 1.10% and 1.47% to the pound and the euro, respectively, on the retail market. The government during the week paid off coupon…

20 Feb

Cedi Experiences 3.66% Depreciation Against The US Dollar Since January 1

Wontumi1BusinessCEDI DEPRECIATION, dollar

The Ghana cedi has lost about 3.66% in value to the US dollar since the beginning of 2024. The local currency lost ground last week despite improved market liquidity. This came on the back of corporate demand and stronger-than-expected January 2024 inflation. Though the depreciation pressures have eased and liquidity has also improved, the local currency still lost 0.40% in value week-on-week to the American greenback last week. It also shed 0.16% and 0.19% against the pound and the euro on the retail market. After depreciating in the first two trading sessions, the Bank of Ghana’s $15 million spot market…

07 Feb

Cedi To End 2024 At GH¢13.40 To A Dollar

Wontumi1BusinessCEDI, dollar

The Ghana cedi is expected to end 2024 at GH¢13.4 ± 0.10 to one US dollar. According to Databank Research, this would be influenced by expected inflows from multilateral sources. The International Monetary Fund is expected to release more funds in 2024 as part of the Fund-support programme, whilst the World Bank is scheduled to release up to $550 million with $300 million for Development Policy Operation (DPO), while $250 million goes for the Ghana Financial Stability Fund (GFSF). “The annual cocoa loan syndication should also prop up the reserve level and strengthen the external buffer. The successful IMF programme…

10 Jan

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

Wontumi1BusinessCEDI, CEDI PERFORMANCE, dollar

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…

12 Dec

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

Wontumi1BusinessCEDI, dollar, Foreign Exchange, Pound

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…