dollar

Cedi Depreciates 9.65% To Dollar
16 Apr

Cedi Depreciates 9.65% To Dollar

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

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

wontumionlineBusiness,
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…
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Cedi Experiences 3.66% Depreciation Against The US Dollar Since January 1
20 Feb

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

wontumionlineBusiness,
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…
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Cedi To End 2024 At GH¢13.40 To A Dollar
07 Feb

Cedi To End 2024 At GH¢13.40 To A Dollar

wontumionlineBusiness,
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…
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Cedi’s Performance Remained Unchanged To Dollar In First Week Of 2024; One Dollar Equals ¢12.20
10 Jan

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

wontumionlineBusiness, ,
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…
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Foreign Exchange Liquidity Improves Marginally; One Dollar Going For ¢12.15
12 Dec

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

wontumionlineBusiness, , , ,
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…
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Pressure On Cedi Mounts; One Dollar Equals ¢12.13
14 Nov

Pressure On Cedi Mounts; One Dollar Equals ¢12.13

wontumionlineBusiness, ,
The high demand for the US dollar continues to weigh on the Ghana cedi as the local currency lost some ground against the American ground today. According to data from the forex market, the local unit depreciated by 0.41% day-on-day on November 13, 2023. This means the cedi is now going for ¢12.13 on average to one American greenback in the retail market. However, the Bank of Ghana is quoting a dollar to ¢11.52 on the interbank market. Some market analysts are attributing the recent depreciation of the local currency to the Christmas festivities where importers are bringing in more…
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Cedi Now Going For ¢12.10 To A Dollar; Demand For American Greenback Surges Ahead Of Christmas
19 Oct

Cedi Now Going For ¢12.10 To A Dollar; Demand For American Greenback Surges Ahead Of Christmas

wontumionlineBusiness, , , ,
The Ghana cedi is now going for ¢12.10 against the US dollar on the forex or retail market. This is despite forecasts by many analysts and research institutions that it will end the year at an average of ¢11.60 to the American greenback. Checks by Joy Business at some forex bureaus indicate that the demand for the dollar is high two months before the Christmas season. There had been significant foreign exchange demand from local corporates and importers ahead of the festive season. However, the expected inflows of $600 million from the International Monetary Fund in November 2023 may reverse…
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Cedi To Weaken For Third Weak Running; Going For ¢11.85 To One Dollar
17 Oct

Cedi To Weaken For Third Weak Running; Going For ¢11.85 To One Dollar

wontumionlineBusiness, , , ,
The Ghana cedi is expected to weaken for the third week running against the US dollar. This follows rising foreign exchange demand from local corporates and importers ahead of the Christmas season. Last week, the Central Bank auctioned $20 million to Bulk Oil Distribution Companies and $2.0 million for spot market interventions. These many analysts said were insufficient to meet the persistent foreign exchange demand. Nonetheless, the rate of depreciation is not alarming. The local currency depreciated last week following limited foreign exchange support from the Bank of Ghana. It lost 0.17% in value against the dollar, closing at ¢11.84.…
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Cedi To Appreciate By 1.0% To Dollar In 2024 – Fitch Solutions
09 Oct

Cedi To Appreciate By 1.0% To Dollar In 2024 – Fitch Solutions

wontumionlineBusiness, ,
The Ghana cedi is expected to strengthen by roughly 1.0% to the US dollar in 2024, Fitch Solutions has disclosed in its latest Country Risk on Ghana. This will make it one of the best-performing currencies in Africa during the period. According to the UK-based firm, the government will make progress regarding the restructuring of Ghana’s external debt under the G20 Common Framework by the second quarter of 2024. This it says will boost investor sentiment towards Ghanaian assets, drive capital inflows, and provide support to the cedi. “We forecast that the exchange rate will strengthen by roughly 1% in…
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