dollar Archives - Page 8 of 8

14 Oct

1$ Equals ¢11.62 As Cedi Depreciation Pressures Rise

wontumionlineBusinessCEDI DEPRECIATION, cedi pressures, dollar, forex bureaus

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…

10 Oct

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

wontumionlineBusinessCEDI, dollar

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…

07 Oct

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

wontumionlineFeatured, News, Trendingbank of ghana, dollar, osafo marfo

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…

05 Oct

Ghana Cedi Falls 40% To Dollar

wontumionlineBusinessCEDI, dollar

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,…

28 Sep

Chinese Yuan Hits Record Lows Against US Dollar

wontumionlineBusinessChinese Yuan, dollar

China's yuan has hit fresh record lows against the surging US dollar. The internationally-traded yuan fell to its lowest level since data first became available in 2011. China's domestic currency also reached its weakest point since the 2008 global financial crisis. It comes as the dollar continues to rise in value against other major currencies, after the US central bank increased interest rates again earlier this month. Meanwhile on Wednesday, major stock market indexes across Asia fell sharply. Japan's benchmark Nikkei index closed 1.5% lower, while the Kospi in South Korea ended the day down by 2.4%. Hong Kong's Hang…

01 Sep

The Dollar Is Not A ‘god’- Paul Amaning Tells Ghanaians

wontumionlineFeatured, News, TrendingBawumia, dollar, NPP, Paul Amaning

A communicator of the New Patriotic Party (NPP), Paul Amaning has advised Ghanaians to stop worshiping the dollar as if it is a god. Speaking on the current inflation rate with Kwaku Dawuro on Movement In The Morning Show, he stated that if Ghanaians do not have confidence in the dollar, inflation will continue to rise. He said that ‘’I took dollar to South Africa but I could not use it to do transactions because the people rejected it- they wanted their local currency. Sadly, the dollar determines a person's wealth in Ghana. People are still trading in dollars when…

24 Aug

BoG Dollar Auction: Demand Exceeds Supply By $84.5m

wontumionlineBusinessbank of ghana, dollar

Demand for dollars by dealers outstripped supply by $84.5 million, latest data from the Bank of Ghana has revealed. This is a reduction of the $105.25 million recorded during the last auction a fortnight ago. According to the result of the sale of dollars through the Forex Forward Rates Auction to dealers, the Central Bank was only able to supply $25 million to the dealers, largely the banks. The bids submitted for the purchase of the American ‘greenback’ was estimated at $109.5 million, compared with $130.25 million two weeks ago (August 9th, 2022). From the results, it appears the high…