dollar

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

wontumionlineBusiness, , ,
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…
Read More
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

wontumionlineBusiness, , , ,
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…
Read More
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

wontumionlineBusiness, , ,
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…
Read More
Cedi To Continue Stability Against Dollar This Week; Sells At ¢11.43
29 Aug

Cedi To Continue Stability Against Dollar This Week; Sells At ¢11.43

wontumionlineBusiness, ,
The Ghana cedi is expected to continue its stability against the US dollar this week. This is due to an expected foreign exchange auction for Bulk Oil Distribution Companies (BDCs). While analysts envisage an increase in corporate demand and a possible offshore forex repatriation from the coupon payments on the new bonds, the cedi will remain steady this week. Last week, the local currency remained firm on the spot market, while posting a mixed performance on the interbank market amidst tinny foreign exchange liquidity. This is despite increased corporate demand, drying up liquidity, although the market experienced minimal activities from…
Read More
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

wontumionlineBusiness, ,
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%…
Read More
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

wontumionlineBusiness, , ,
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…
Read More
Cedi Gained 0.43% To Dollar Last Week; Outlook Favourable
13 Jun

Cedi Gained 0.43% To Dollar Last Week; Outlook Favourable

wontumionlineBusiness, , ,
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…
Read More
Proceeds From The Export Of Minerals Increased To $6.998 Billion – Report
08 Jun

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

wontumionlineBusiness,
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…
Read More
Cedi Depreciation Against Dollar Slows Down; May Record Mixed Performance This Week
06 Jun

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

wontumionlineBusiness, , , ,
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…
Read More
Cedi To Record Gains Against Dollar As Expected IMF Deal Impacts Market
16 May

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

wontumionlineBusiness, , ,
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…
Read More