dollar

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

Pressure On Cedi Mounts; One Dollar Equals ¢12.13

Wontumi1Business, ,
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

Wontumi1Business, , , ,
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

Wontumi1Business, , , ,
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

Wontumi1Business, ,
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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Increased Domestic Demand And Strengthening Of Dollar Globally To Weigh On Cedi
03 Oct

Increased Domestic Demand And Strengthening Of Dollar Globally To Weigh On Cedi

Wontumi1Business, , ,
Increased domestic demand and the strengthening of the US dollar globally are expected to weigh on the cedi this week as some analysts predict a marginal weakening of the local currency this week. The dollar strengthened globally as the Fed intends to keep U.S. policy rates higher for a longer period. Last week, the local currency lost marginally against the American greenback. It tumbled as demand pressures continued to build up against the Bank of Ghana’s foreign exchange support. The Central Bank held its bi-weekly foreign exchange auction for Bulk Oil Distributing Companies and provided $20 million. Additionally, the Central…
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Cedi Expected To Remain Stable Against Dollar This Week; $1 Going For ¢11.58
19 Sep

Cedi Expected To Remain Stable Against Dollar This Week; $1 Going For ¢11.58

Wontumi1Business, , , ,
The Ghana cedi is expected to remain relatively stable against the US dollar this week as risk-off investor sentiment cools off. Demand for US dollar last week outstripped supply despite a slowing inflation. This caused the cedi to fall to levels seen in the second quarter of 2023. The Bank of Ghana provided $20 million in the 36th bi-weekly foreign exchange auction to the Bulk Oil Distribution Companies, but this was insufficient to slowdown the rising corporate demand. The local currency lost marginally (0.46%) to the US dollar last week. Conversely, it gained 0.17% the pound, but remained stable against…
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Cedi To End 2023 At ¢11.40 To A Dollar – Fitch Solutions
12 Sep

Cedi To End 2023 At ¢11.40 To A Dollar – Fitch Solutions

Wontumi1Business, , ,
Fitch Solutions is forecasting that the Ghana cedi would end 2023 at ¢11.40 against the US dollar. This is lower than the ¢12.40 it predicted early in the year, at a time Ghana was yet to reach an agreement with the International Monetary Fund for a bailout package. The UK-based firm is also projecting ¢10.90 to one dollar in 2024, fuelled by expected inflows from the International Monetary Fund programme and improve investor confidence. The cedi is presently going for ¢11.53 to the dollar in the retail market and ¢11.05 to the American greenback on the interbank market. Since Ghana…
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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

Wontumi1Business, ,
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

Wontumi1Business, , ,
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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Cedi Gained 0.43% To Dollar Last Week; Outlook Favourable
13 Jun

Cedi Gained 0.43% To Dollar Last Week; Outlook Favourable

Wontumi1Business, , ,
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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