dollar

Cedi To End 2023 At ¢12.40 To A Dollar – Fitch Solutions
09 May

Cedi To End 2023 At ¢12.40 To A Dollar – Fitch Solutions

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The Ghana cedi is expected to end 2023 at ¢12.40 to one US dollar, Fitch Solutions has predicted. This means the rate of depreciation will be far lower than the 38% recorded last year. The research and market information firm’s argument is based on the premise that Ghana will secure an International Monetary Fund-support programme by May 2023 that will go a long way to cushion the cedi against foreign exchange pressures. It added that while short-term exchange rate volatility will persist, it believes the cedi will stabilise once a formal creditors’ committee is formed and the IMF executive board…
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Cedi To Depreciate 30% To Dollar In 2023 – EIU
02 May

Cedi To Depreciate 30% To Dollar In 2023 – EIU

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Economist Intelligence Unit (EIU) is predicting a 30% depreciation of the cedi to the dollar in 2023. This is however lower than the about 44% depreciation of the local currency in 2022. Disclosing this in its 2023 Country Report on Ghana, the UK based firm said it expects the cedi to depreciate significantly this year. “We now expect the currency to weaken to ¢12.46:US$1 at end­ 2023 (from ¢10.95:US$1 as at mid­-April).” It further said that the cedi depreciation will be driven by increased demand for hard currency due to high import prices, inflation, capital flight, rising profit repatriation by Ghanaian-based multinationals and weak investor sentiment in the face of the…
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Cedi To Exhibit Mixed Performance Against Dollar This Week
18 Apr

Cedi To Exhibit Mixed Performance Against Dollar This Week

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The Ghana cedi is expected to exhibit mixed performance against the US dollar for the second week running. This is because of the uncertainty characterising the expected International Monetary Fund support programme for Ghana which has kept some market players anxiously waiting for updates. They believe a clear statement regarding the country’s programme from the Fund will calm nerves. The cedi fell in value across the major trading currencies last week due to renewed demand for the dollar and the other major foreign currencies. The local currency lost 4.37% week-on-week against the US dollar to close trading at a mid-rate…
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It’s About Time To End Dollar Trade Dominance – Brazil President Lula
14 Apr

It’s About Time To End Dollar Trade Dominance – Brazil President Lula

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Brazil’s president Luiz Inácio Lula da Silva has called on developing countries to work towards replacing the US dollar with their own currencies in international trade, lending his voice to Beijing’s efforts to end the greenback’s dominance of global commerce. Kicking off his first state visit to China since taking office in January, Lula called for the countries of the so-called Brics group of nations — which in addition to Brazil and China includes Russia, India and South Africa — to come up with their own alternative currency for use in trade. “Every night I ask myself why all countries…
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Cedi To Record Mixed Performance This Week
12 Apr

Cedi To Record Mixed Performance This Week

wontumionlineBusiness, , , ,
The Ghana cedi is expected to record a mixed performance this week as the market awaits a decision of Ghana’s external debt restructuring with its bilateral creditors. The Paris Club of International Creditors has set up a partial creditor committee to begin restructuring talks with Ghana. Many analysts and market watchers will therefore be watching closely how the discussions unfold. Any decision taken is expected to influence the value of the cedi going forward. Last week, the cedi gained across the major trading currencies in the foreign exchange market following progress on Ghana’s negotiations with its bilateral creditors. It gained…
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Foreign Exchange: Several African Countries Have A Shortage Of US Dollars – Why This Happens And How To Fix It
11 Apr

Foreign Exchange: Several African Countries Have A Shortage Of US Dollars – Why This Happens And How To Fix It

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A number of African countries, including Kenya, Egypt, Zimbabwe, Nigeria, Ghana and Zambia, are currently experiencing shortages of US dollars. The dollar is the dominant currency in international transactions. These countries rely on the US currency to pay for foreign debts, essential goods and industrial inputs. Development economist Christopher Adam explains to The Conversation Africa’s George Omondi what causes US dollar shortages and how they can be remedied. What is a dollar shortage? Global trade is conducted in the currencies of the world’s major economic powers, principally the US dollar, the European Union’s euro, the Japanese yen and, to a lesser extent, the Chinese renminbi and the UK’s pound…
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Cedi To Remain Stable In Near Term – Economic Analyst
05 Apr

Cedi To Remain Stable In Near Term – Economic Analyst

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Economic Analyst, Kweku Arkoh-Koomson, is projecting a stable cedi in the near term following the successful completion of the external debt restructuring. The Ghana cedi gained 3.11% to the US dollar last week to narrow its year-to-date losses on the forex or retail market to about 17%. “As we wait for an IMF deal this second quarter, we observe that government in the 2023 budget reiterated that the budget will be financed by non-concessional loans. Looking at how these non-concessional loans will also boost local reserves and improve FX liquidity, if nothing at all, the cedi will stabilise,” he said.…
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Cedi Starts Week On Strong Note; $1 Now ¢11.50
03 Apr

Cedi Starts Week On Strong Note; $1 Now ¢11.50

wontumionlineBusiness, , ,
The Ghana cedi started this week on another strong note against the US dollar. Checks by Joy Business at some forex bureaus indicate that the local currency gained more than 60 pesewas in value to the US dollar this morning, April 3, 2023. The Ghana cedi started this week on another strong note against the US dollar. The same story could also be said about the pound as it improved in value against the British currency to trade at ¢14.40. However, the cedi lost grounds against the euro to sell at ¢13.60. Some analysts believe the recent surge in the…
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Cedi May Record Mixed Performance To Dollar This Week
21 Mar

Cedi May Record Mixed Performance To Dollar This Week

wontumionlineBusiness, , ,
The Ghana cedi may record mixed performance against the US dollar this week. This will be similar to what transpired last week as the local currency depreciated by a marginal 0.20% to the American greenback. According to some analysts Joy Business engaged, the increased demand for the US dollar will trigger mixed development on the forex market. Although the Finance Minister’s visit to China on debt restructuring talks and the government’s renewal of coupon payments may improve market sentiment, the analysts believe these are not enough to cause the cedi’s recent gains against the American greenback. Last week, the local…
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Cedi Sells At GH¢12.90 For $1, GH¢11.01 On Interbank Market As Of March 9
09 Mar

Cedi Sells At GH¢12.90 For $1, GH¢11.01 On Interbank Market As Of March 9

wontumionlineBusiness,
Note that these rates may be different at a forex bureau near you. Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra. The Interbank forex rates from the Bank of Ghana today, March 9, 2023, have shown that the Ghana Cedi is trading against the dollar at a buying price of 11.0079 and a selling price of 11.0189. At a forex bureau in Accra, the dollar is being bought at a rate of 12.30 and sold at a rate of 12.90. Against the Pound Sterling, the Cedi is trading at a buying price of 13.0388 and a selling…
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