dollar

Forex Bureaux In Ghana Cry Over Parallel Competition With Black Market Operators
21 Oct

Forex Bureaux In Ghana Cry Over Parallel Competition With Black Market Operators

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Forex bureaux in Ghana are lamenting the stiff parallel competition they are facing with illegal operators popularly known as black market. Vice President of Forex Beurau Association of Ghana, Dr Alex Akpabli said on the New Day  show with Roland Walker on TV3 Friday October 21 that the activities of the black marketers pose a serious challenge to them. “We have the parallel market that competes with us, the black market, that is the challenge. “If you need Dollar come to us and we can help but if you choose black market which is not safe then there is a…
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¢14.50 Equals $1 As Cedi Depreciation Continues
21 Oct

¢14.50 Equals $1 As Cedi Depreciation Continues

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The Ghana cedi continued its free fall, losing value twice within a day to sell at ¢14.50 to one US dollar. This translated to 5.45% depreciation in a day and 17.5% in four days of the week. It began the day at ¢13.75 to the American ‘greenback’ but declined in value further to ¢14.50, according to quotations by the forex bureaus. In nominal terms, the cedi has lost about 135% value to the world’s most important currency. In real terms, the local currency has depreciated by about 55% to the dollar. The cedi also lost more grounds to the pound…
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Investigate How Foreign Businesses Transport Their Profit Outside The Country-Kwasi Botwe To FIC
19 Oct

Investigate How Foreign Businesses Transport Their Profit Outside The Country-Kwasi Botwe To FIC

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A communications officer of the New Patriotic Patriotic Party, Kwasi Botwe has called on the Financial Intelligence Center (FIC) to investigate how foreign investors transport their profit back into their country, claiming they change into dollars and sneak it out of the country. Speaking to Kwaku Dawuro on Movement In The Morning Show, he said that ‘’all the big companies in Ghana belong to foreign companies yet no one knows how they transport their profit outside the country. Almost every product in the big super markets have  foreign based product which put pressure on our cedi''. ''Most of these goods…
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$1 Dollar Nears ¢13 As Fast Depreciation Of Cedi Continues
19 Oct

$1 Dollar Nears ¢13 As Fast Depreciation Of Cedi Continues

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The fast depreciation of the Ghana cedi continues with no end in sight as the local currency nears ¢13 to a dollar. This is more than 6% depreciation in only three days of the week (October 17-19). It may hit ¢13 by the close of the day, based on how trading is going in the retail market. According to the rate from the forex bureaus, most of the operators are selling the local currency between ¢12.50 and ¢12.95. Few are, however, selling the cedi at approximately ¢13 to the American ‘greenback’. Again, some banks are struggling to get the dollar…
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GUTA Partly Blames Government Over Dollarization
19 Oct

GUTA Partly Blames Government Over Dollarization

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The Ghana cedi has lost its weight against the US dollar, and this according to the Ghana Union of Traders Association (GUTA) has blamed government for partly contributing to the depreciation of the cedi which stands at 3.3% to the dollar. Speaking on Movement In The Morning Show, the Greater Accra Chairman For GUTA, Nana Kwabena Pepprah said high dollarization is affecting their businesses. ‘’The cedi is always depreciating because every item purchased or service rendered is charged in dollar, from renting a house, a hotel to buying a land. We need to bring this to an end- but we…
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‘Arrest’ Dollar To Bring Fuel Prices Under Control — COPEC To BoG
18 Oct

‘Arrest’ Dollar To Bring Fuel Prices Under Control — COPEC To BoG

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The Chamber of Petroleum Consumers Ghana (COPEC) has asked the Bank of Ghana and the Economic Management Team to take immediate steps to halt the fast decline of the Cedi against the US Dollar to stabilise fuel prices. The Chamber attributed the continuous hikes in fuel prices to the “free fall” of the Cedi and cautioned that fuel prices could hit “uncontrollable” levels in future if the local currency was not stabilised. In an interview with the Ghana News Agency, Mr Duncan Amoah, Executive Secretary of COPEC, said fuel prices could hit GHS20 per litre by the end of the…
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1$ Equals ¢11.62 As Cedi Depreciation Pressures Rise
14 Oct

1$ Equals ¢11.62 As Cedi Depreciation Pressures Rise

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The depreciation pressures on the Ghana cedi continued relentlessly today as the local currency sold at ¢11.62 pesewas in the retail market. This is almost 6% depreciation since Friday, October 7th. Checks by Joy Business at some forex bureaus indicate that the supply of dollars in circulation is insufficient. Some forex bureaus are actually selling the dollar a little above ¢11.62. Some of the operators confirmed that the demand for the ‘American greenback’ have reached an all-time high, similar to the 1980’s and early 90’s. The cedi has since January this year lost more than 40% in value to the…
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Dollar Breaks ¢11 Mark; Forex Bureaus Sell A Dollar For ¢11.2
10 Oct

Dollar Breaks ¢11 Mark; Forex Bureaus Sell A Dollar For ¢11.2

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The dollar has hit the ¢11 to $1 mark as some forex bureaus in parts of Accra are selling a dollar at an average of ¢11.2 on Saturday, October 8, 2022. Checks by Joy Business indicate that the demand for the dollar keeps surging, as there is very little dollars in circulation. Some forex bureau operators who spoke to Joy Business on condition of anonymity said the recent action by the Bank of Ghana has yielded little return. According to them, there are no dollars in circulation. But, they hope the inflows from the $1.13 billion cocoa syndicated loan will…
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BoG Should Control The Opening Of Dollar Accounts- Osafo-Marfo advises
07 Oct

BoG Should Control The Opening Of Dollar Accounts- Osafo-Marfo advises

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A communications team member of the ruling New Patriotic Party (NPP), Felix Osafo- Marfo, has urged the Bank of Ghana to control the creating of dollar accounts in the country. According to him, this contributes to the depreciation of the cedi against the international currencies and therefore should be clamp down. His suggestion comes on the back of recent lamentation over the current state of the economy. “As we speak, the UK for the first time in almost forty years is experiencing hardship they haven’t been through before- and it’s the same in Germany. I have a friend in Italy…
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Ghana Cedi Falls 40% To Dollar
05 Oct

Ghana Cedi Falls 40% To Dollar

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For nine months this year, the cedi has lost 40.05% in value to the US dollar, according to data from Bloomberg. This makes the cedi the second-worst performing currency in the world. The cedi is ranked as the worst among the 30 top-performing currencies on the African continent. In July, August and September the cedi lost almost 21% in value to the US dollar, pounds sterling and Euro. The cedi’s woes come on the back of high debts and low investor confidence which has made it impossible for Ghana to access the international capital market for borrowing. To this end,…
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