dollar Archives - Page 3 of 3

08 Jun

Proceeds From The Export Of Minerals Increased To $6.998 Billion – Report

Wontumi2Businessdollar, minerals

The 2022 Extractive Industries Transparency Initiative (EITI) Mining & Oil and Gas report has shown that proceeds from the exportation of minerals shot up from US$ 6.678 billion in 2019 to US$ 6.998 billion in 2020. The report, jointly launched by the Minister of State at the Ministry of Finance, John Kumah, and the Deputy of Minister of Lands and Natural Resources responsible for Mining, George Mireku Duker, highlighted that the significant increment translates into a 4.8% year-on-year expansion in mineral revenue. Crude oil contributed 20.1% while cocoa also contributed 16.1%. The mining and quarrying sector’s share in Ghana’s GDP…

06 Jun

Cedi Depreciation Against Dollar Slows Down; May Record Mixed Performance This Week

Wontumi1BusinessBoG, CEDI, dollar, euro, Pound

The Ghana cedi slowdown its deprecation against the dollar last week, as the local currency lost only 1.28% on the retail market. The cedi also lost 2.60% in value to the pound, while it weakened 2.01% to the euro. This is coming after the Bank of Ghana provided approximately $14.5 million in spot market support, while allocating $20 million to Bulk Oil Distributing Companies, but this support was insufficient to alleviate demand pressures for the greenback. Analysts are, however, anticipating a mixed performance of the cedi against the major foreign currencies this week. With the International Monetary Fund programme taking…

16 May

Cedi To Record Gains Against Dollar As Expected IMF Deal Impacts Market

Wontumi1Businessbalance of payment, CEDI, dollar, IMF

The Ghana cedi is expected to record gains against the dollar and other major foreign currencies this week, as the progress of the International Monetary Fund (IMF) deal favorably impacts the market. According to many analysts that spoke to Joy Business, the cedi’s performance since March 2023 has been surprising, despite Ghana’s weak balance of payment position. In the first two months of 2023, the cedi lost about 22.1% to the US dollar, but has since March 2023 remain stable against the US dollar. According to Bloomberg, the cedi strengthened by 5.3% on May 15, 2023, the most since April…

25 Aug

Even In Europe The Dollar Has Broken Jail- Chairman Wontumi Schools John Mahama (PHOTO)

Kakra NunuBusiness, NewsCEDI, dollar, euro

The Ashanti Regional Chairman for the New Patriotic Party (NPP), Mr. Antwi-Boasiako has schooled former President John Mahama on reasons the dollar is doing well against currencies such the euros and the cedis. Currently in Europe, the euro has fallen below parity with the dollar, diving to its lowest level in 20 years and ending a one-to-one exchange rate with the U.S. currency. Mr. Antwi-Boasiako popularly known as Chairman Wontumi admitted that he feels embarrassed that Mr. John Mahama left out external factors in his analysis before deciding to taunt Vice President Bawumia over the rise of the dollar. According…