dollar Archives - Page 6 of 8

25 Jan

Cedi To Continue Stability Against Dollar

wontumionlineBusinessBDCs, BoG, CEDI, dollar

The Ghana cedi is expected to further stabilise against the US dollar on the back of continued Bank of Ghana support. The cedi traded at a mid-rate of ¢12.90, losing 1.55% value to the American greenback the past week. This is against about 7.48% the previous week. The local currency’s performance has been better this week as it continues its stability in the retail or forex market. It is being quoted at ¢10.36 to one US dollar on the interbank market. Last week, the foreign exchange auction for the Bulk Oil Distribution Companies was suspended because the first batch of…

17 Jan

Year-To-Date: Cedi Depreciates By 12.7% To Dollar; Second Weakest Among Top African Currencies

wontumionlineBusinessAfrica top currencies, CEDI, dollar, year-to-date

With only 17 days into the year, the Ghana cedi has depreciated by about 12.7% to the US dollar. The significant fall in the value of the cedi which occurred yesterday, January 16, 2023 and today, January 17, 2022 places the local currency as the second weakest currency among 15 top currencies in Sub-Saharan Africa. The Egyptian pound is the weakest currency among the 15 top currencies in Sub-Saharan Africa. Its economy is also battling with high debt levels, rising inflation and increasing cost of living standards. The woes of the cedi is not getting better as anticipated as the…

16 Jan

Petrol Now Sells At ¢13.90 With Diesel Going For ¢15.60 Per Litre

wontumionlineBusinessCEDI, Diesel, dollar, Oil marketing companies, OMCs, Petrol

Some Oil Marketing Companies (OMCs) have started increasing the prices of petroleum products at the pumps. The marginal increase is due to the depreciation of the cedi and the slight increase in the price of crude oil. It is the first in about a month. Now, the price of petrol per litre is going for about ¢13.90, from ¢12.40, whilst that of diesel is selling at about ¢15.60 per litre, from about ¢13.70. The prices are, however, slightly lower at some OMCs. It is unclear whether the price of Liquefied Petroleum Gas (LPG) will go up or remain stable. The…

10 Jan

Cedi Depreciates Marginally To Sell At ¢12 To A Dollar

wontumionlineBusinessBoG, CEDI, dollar, imf

The Ghana cedi is now selling at ¢12 to the US dollar in the retail or forex market, following days of sustained stability. This is about 0.86% loss in value since the beginning of the year. The Bank of Ghana is however quoting a dollar for ¢9.00 on the interbank forex market. Checks by Joy Business at some forex bureaus indicate that the pound is the major currency that has lost more value so far in 2023. One pound is presently going for ¢14.20. The euro has also depreciated by a little over 1%, trading at ¢12.50. Analysts and market…

04 Jan

Dollar Makes Strong Start To 2023 After Months-long Slump

wontumionlineBusinessBloomberg, dollar, yen

The US dollar posted gains against nearly all its major peers as trading kicked off in 2023 after a seasonal holiday lull. Only the Japanese yen proved stronger than the greenback among Group-of-10 currencies, with the pound, euro and Swiss franc falling sharply. That saw the Bloomberg dollar spot index climb as much as 0.9%, putting it on track for its best day since mid-December. Traders said the moves were exacerbated by thin liquidity. But it was also a reminder that the dollar’s decline in recent months — which is broadly expected to keep going this year — will not…

28 Dec

Cedi To Depreciate By About 22% In 2023 – EIU

wontumionlineBusinessAfrica Outlook 2023 Report, CEDI, dollar, EIU

UK based Economist Intelligence Unit (EIU)is predicting about 22% depreciation of the cedi to the dollar in 2023. This will rank the local currency as the 3rd weakest performing currency on the African continent, according to its Africa Outlook 2023 Report. The EIU expects the exchange-rate weakness to continue into 2023, albeit to a lesser degree. “Most African currencies have lost substantial value against the US dollar during 2022 and we expect exchange-rate weakness to continue into 2023, albeit to a lesser degree”. It maintained that the currencies of the troubled states of Sudan and Zimbabwe will be among the weakest…

15 Dec

Fitch Solutions Predicts Stronger Cedi In 2023

wontumionlineBusinessCEDI, dollar, Fitch solutions, Ghana’s 2023 Economic Outlook, pound

International institution, Fitch Solutions, is predicting a stronger cedi against the major foreign currencies in 2023. According to its latest analysis of Ghana’s 2023 Economic Outlook, it said the likely programme from the International Monetary Fund (IMF) signals through investors that the government is committed to fiscal consolidation that will turn around the country’s economic predicament. Senior Country Risk Analyst at Fitch Solutions, Mark Kruninger said the announcement of the staff-level agreement by the IMF has helped to improve the value of the cedi. The local currency has for the past one week witnessed over 20 percent gain in value…

14 Dec

U.S. Dollar Likely To Remain Strong In 2023 Amid Recession Fears

wontumionlineBusinessdollar

A breathtaking surge in the U.S. dollar trampled foreign currencies, gouged corporate profits and gave investors one of the year’s few winning trades. Though the greenback has stumbled in recent weeks, recession worries may keep it elevated in 2023. At its September peak, the dollar stood at its highest level in nearly two decades after rising some 20% against a basket of currencies. Those year-to-date gains have been roughly cut in half as investors bet the Federal Reserve is closer to slowing the pace of the rate increases that helped fuel the dollar's gains. While rising U.S. yields were a…

12 Dec

Bloomberg Report: Ghana Cedi Posts World’s Biggest Gain Against US Dollar

wontumionlineBusinessBloomberg Report, dollar, Ghana Cedi

Bloomberg has reported that the Ghana Cedi last week posted the world’s biggest gain against the US Dollar as Ghana starts reorganising local debt. It said the Ghana cedi took the title of the world’s best performer against the dollar last week amid optimism the country was moving closer to unlocking an International Monetary Fund bailout. "The cedi has rallied 10 percent in the past five days, the biggest advance among about 150 currencies tracked by Bloomberg. That’s a turnaround for an exchange rate that had lost half of its value this year and occupied the bottom slot in the charts," the report stated. The gains…

06 Dec

Cedi Strengthens In Value Against Dollar; 1$ Now ¢13.70

wontumionlineBusinessCEDI, dollar, pound

The Ghana cedi strengthened in value against the dollar almost a day after the government launched the Debt Exchange Programme. The local currency also improved in value against the other major foreign currencies, the pound and the euro. It is being sold by forex bureaus at an average of ¢13.70 to the American ‘greenback’. It is also going for ¢14 to the euro and ¢16.70 to the pound It is, however, unclear why the cedi gained value against these major international currencies. But some market watchers and analysts may attribute it to the Debt Exchange Programme as the government defined…