FX

04 Nov

BoG Assures Of Cedi’s Resilience Amid Rising FX Demand

wontumionlineBusinessBoG, CEDI, FX

The Bank of Ghana (BoG) has assured that it is implementing proactive measures to strengthen its foreign reserves in response to the ongoing depreciation of the cedi against major currencies. With the festive season approaching, the Central Bank is preparing for an anticipated increase in foreign exchange demand, a strategic initiative designed to stabilize the local currency. Currently, the cedi is trading at nearly GH¢17 to one U.S. dollar, reflecting a considerable year-to-date depreciation of 24.3 percent. In light of these pressures, the Bank aims to reassure businesses and consumers by working towards greater stability in the cedi through enhanced reserves. Speaking…

24 Oct

Debt Restructuring To Weaken Cedi; BoG Partly To Blame For Cedi Woes – JP Morgan

wontumionlineBusinessBoG, CEDI, Debt Reconstruction, FX, MP Morgan

Global leader in financial services and US firm, JP Morgan has warned that the probable debt restructuring of Ghana’s debt would further weaken the Ghana cedi, even if an increase in Foreign Exchange Forward Auction sizes or reversal of the foreign exchange (FX) purchase policy results in short-term respite for the cedi. In its Emerging Market Quick Take on Ghana cedi’s performance, it said the Bank of Ghana’s decision to purchase dollars from mining and oil companies, inadvertently reducing forex availability within the inter-bank market is one of the reasons behind the falling value of the cedi. It also said…