dollar

Cedi’s Recent Performance To Be Sustained For Few Weeks – Currency Analyst
02 Nov

Cedi’s Recent Performance To Be Sustained For Few Weeks – Currency Analyst

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The recent improvement in the value of the Ghana cedi against the US dollar is expected to be sustained in the next couple of weeks, Lead Researcher at GCB Capital and a Currency Analyst, Courage Boti, has said. According to him, the recent depreciation of the cedi was largely due to speculation. “I expect that this trend could continue until we get to the ¢13 level and then that is when you will receive some sense of stability because the Bank of Ghana rate would become the floor or the lowest level. The thing really is that you don’t want…
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Cedi Strengthens Again Against Dollar; $1 Equals ¢13.40
01 Nov

Cedi Strengthens Again Against Dollar; $1 Equals ¢13.40

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The Ghana cedi strengthened once again by about 20 pesewas against the US dollar today November 1, 2022 to sell at ¢13.40 in the retail or forex market. This is the 4th consecutive day in which the local currency has improved in value against the American currency. The cedi sold for ¢13.60 to the dollar this morning. Checks by Joy Business at the forex bureaus also indicate that the cedi strengthened against the pound and the euro. It is going for ¢14.46 against the pound and ¢12.80 against the euro. The recent strong value of the local currency may be due…
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Close All Dollar Accounts-Chairman Kwadwo Boateng To BOG
31 Oct

Close All Dollar Accounts-Chairman Kwadwo Boateng To BOG

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The former New Patriotic Party (NPP) Chairman for New Juaben North, Kwadwo Boateng Agyemang, has called on government to close all dollar accounts. His comment comes after President  Akufo-Addo addressed the nations on measures he is deploying to build the country’s economy. While speaking with Kwaku Dawuro on Movement In The Morning Show Chairman Kwadwo Boateng stated closing dollar accounts will help fight the depreciation of the cedi. ''We must close all foreign account , and only sell the dollar to people who are travailing outside the country. Go to Germany and you will not find any one opening a…
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Cedi Lost 14.47% Value To Dollar Last Week
25 Oct

Cedi Lost 14.47% Value To Dollar Last Week

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The Ghana cedi lost 14.47% in value to the dollar last week (October 17 to October 21, 2022), the worst weekly loss in over 30 years. The situation was slightly worst against the pound and euro – two currencies struggling against the US dollar. The cedi closed last week (October 21, 2022), trading at an indicative rate of ¢12.5307/US$ on the interbank market. It also plunged 14.85% week-on-week against the pound and 15.41% to the euro. On the retail market, the cedi traded at a mid-rate of ¢14.1500/US$ (54.13% year-to-date depreciation) at last week’s close. Databank Research said the local…
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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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