Pound

Foreign Exchange Liquidity Improves Marginally; One Dollar Going For ¢12.15
12 Dec

Foreign Exchange Liquidity Improves Marginally; One Dollar Going For ¢12.15

Wontumi1Business, , ,
The cedi is expected to continue its marginal gain this week as foreign exchange liquidity improves. This follows the Bank of Ghana’s timely intervention. Banks sought to exchange about $750 million for cedi liquidity in a bid to comply with the Bank of Ghana’s unified currency reserves. The local currency witnessed some relief last week. Amidst a one million dollar foreign exchange support from the Central Bank, the local unit gained 0.82% weekly, eventually trading at a mid-rate of ¢12.18 to one dollar. Similarly, the cedi closed stronger by 2.51% and 0.16% week-on-week against the pound and the euro in…
Read More
Cedi To Remain Stable Against Dollar In Near Term; $1 Equals ¢12.01
07 Nov

Cedi To Remain Stable Against Dollar In Near Term; $1 Equals ¢12.01

Wontumi1Business, , ,
The cedi will remain stable against the US dollar in the near term as the upgrade in Ghana’s rating by Fitch Ratings is expected to positively impact sentiments around the local currency, some analysts have stated. Following the successful conclusion of the domestic debt exchange programme, Fitch, upgraded Ghana's Long-Term Local Currency Issuer Default Rating from Restrictive Default to ‘CCC’. This they believe, will impact on the cedi in the short term. The rating agency also maintained a stable outlook on the local currency IDR and expects that a successful external debt restructuring with the resultant disbursement from the International…
Read More
Cedi Now Going For ¢12.10 To A Dollar; Demand For American Greenback Surges Ahead Of Christmas
19 Oct

Cedi Now Going For ¢12.10 To A Dollar; Demand For American Greenback Surges Ahead Of Christmas

Wontumi1Business, , , ,
The Ghana cedi is now going for ¢12.10 against the US dollar on the forex or retail market. This is despite forecasts by many analysts and research institutions that it will end the year at an average of ¢11.60 to the American greenback. Checks by Joy Business at some forex bureaus indicate that the demand for the dollar is high two months before the Christmas season. There had been significant foreign exchange demand from local corporates and importers ahead of the festive season. However, the expected inflows of $600 million from the International Monetary Fund in November 2023 may reverse…
Read More
Cedi To Weaken For Third Weak Running; Going For ¢11.85 To One Dollar
17 Oct

Cedi To Weaken For Third Weak Running; Going For ¢11.85 To One Dollar

Wontumi1Business, , , ,
The Ghana cedi is expected to weaken for the third week running against the US dollar. This follows rising foreign exchange demand from local corporates and importers ahead of the Christmas season. Last week, the Central Bank auctioned $20 million to Bulk Oil Distribution Companies and $2.0 million for spot market interventions. These many analysts said were insufficient to meet the persistent foreign exchange demand. Nonetheless, the rate of depreciation is not alarming. The local currency depreciated last week following limited foreign exchange support from the Bank of Ghana. It lost 0.17% in value against the dollar, closing at ¢11.84.…
Read More
Increased Domestic Demand And Strengthening Of Dollar Globally To Weigh On Cedi
03 Oct

Increased Domestic Demand And Strengthening Of Dollar Globally To Weigh On Cedi

Wontumi1Business, , ,
Increased domestic demand and the strengthening of the US dollar globally are expected to weigh on the cedi this week as some analysts predict a marginal weakening of the local currency this week. The dollar strengthened globally as the Fed intends to keep U.S. policy rates higher for a longer period. Last week, the local currency lost marginally against the American greenback. It tumbled as demand pressures continued to build up against the Bank of Ghana’s foreign exchange support. The Central Bank held its bi-weekly foreign exchange auction for Bulk Oil Distributing Companies and provided $20 million. Additionally, the Central…
Read More
Cedi Expected To Remain Stable Against Dollar This Week; $1 Going For ¢11.58
19 Sep

Cedi Expected To Remain Stable Against Dollar This Week; $1 Going For ¢11.58

Wontumi1Business, , , ,
The Ghana cedi is expected to remain relatively stable against the US dollar this week as risk-off investor sentiment cools off. Demand for US dollar last week outstripped supply despite a slowing inflation. This caused the cedi to fall to levels seen in the second quarter of 2023. The Bank of Ghana provided $20 million in the 36th bi-weekly foreign exchange auction to the Bulk Oil Distribution Companies, but this was insufficient to slowdown the rising corporate demand. The local currency lost marginally (0.46%) to the US dollar last week. Conversely, it gained 0.17% the pound, but remained stable against…
Read More
Cedi Expected To Post Mixed-Performance This Week Due To Inflationary Pressures
15 Aug

Cedi Expected To Post Mixed-Performance This Week Due To Inflationary Pressures

Wontumi1Business, , ,
The Ghana cedi is expected to post a mixed-performance this week as a widening inflation differential may pose depreciatory pressures. This is because investors are seeking investments in dollar denominated or fixed assets. The Ghana cedi remained stable against the US dollar last week on the retail market with a mid-rate of ¢11.43 at the close of trading last Friday, August 11, 2023. This kept its year-to-date at about -11.0% to the American greenback. The local currency, however, lost marginally (week-on-week) against the dollar on the interbank market, bringing its year-to-date loss to about 21.00%. The unit also slid slightly against…
Read More
Cedi’s Outlook To Be Stable This Week
18 Jul

Cedi’s Outlook To Be Stable This Week

Wontumi1Business, , , ,
The outlook of the cedi is expected to be stable this week despite the near-term outlook remaining a concern. Many analysts believe the local currency will benefit from the weakening dollar. The cedi is expected to continue its fine run in the lead-up to the Monetary Policy Committee (MPC) meeting from tomorrow July 19, 2023, and the press conference slated for Monday, July 24. Beyond July, the local currency’s outlook will hinge on progress with external debt restructuring, the revised fiscal framework, COCOBOD’s annual cocoa loan syndication, and a successful first review of the International Monetary Fund programme. Cedi remained…
Read More
Cedi Gained 0.43% To Dollar Last Week; Outlook Favourable
13 Jun

Cedi Gained 0.43% To Dollar Last Week; Outlook Favourable

Wontumi1Business, , ,
The Ghana cedi gained a favorable 0.43% against the US dollar in the retail market last week. It traded at a mid-rate of ¢11.73 to one Us dollar. The local currency however depreciated against the pound and the euro respectively. The year-to-date loss of the cedi to the American greenback hovered around 12%. On the interbank market, the local currency has however depreciated by about 20% to the US dollar. It is currently selling at ¢10.98 to one dollar. Rating agency, Fitch, upgraded Ghana’s Local Currency (LC) on June 6, 2023, from Ca to Caa3. Additionally, the rating agency maintained…
Read More
Cedi Depreciation Against Dollar Slows Down; May Record Mixed Performance This Week
06 Jun

Cedi Depreciation Against Dollar Slows Down; May Record Mixed Performance This Week

Wontumi1Business, , , ,
The Ghana cedi slowdown its deprecation against the dollar last week, as the local currency lost only 1.28% on the retail market. The cedi also lost 2.60% in value to the pound, while it weakened 2.01% to the euro. This is coming after the Bank of Ghana provided approximately $14.5 million in spot market support, while allocating $20 million to Bulk Oil Distributing Companies, but this support was insufficient to alleviate demand pressures for the greenback. Analysts are, however, anticipating a mixed performance of the cedi against the major foreign currencies this week. With the International Monetary Fund programme taking…
Read More