pound Archives - Page 2 of 3

18 Apr

Cedi To Exhibit Mixed Performance Against Dollar This Week

wontumionlineBusinessCEDI, dollar, Euro, Foreign Exchange, pound

The Ghana cedi is expected to exhibit mixed performance against the US dollar for the second week running. This is because of the uncertainty characterising the expected International Monetary Fund support programme for Ghana which has kept some market players anxiously waiting for updates. They believe a clear statement regarding the country’s programme from the Fund will calm nerves. The cedi fell in value across the major trading currencies last week due to renewed demand for the dollar and the other major foreign currencies. The local currency lost 4.37% week-on-week against the US dollar to close trading at a mid-rate…

12 Apr

Cedi To Record Mixed Performance This Week

wontumionlineBusinessCEDI, dollar, Euro, imf, pound

The Ghana cedi is expected to record a mixed performance this week as the market awaits a decision of Ghana’s external debt restructuring with its bilateral creditors. The Paris Club of International Creditors has set up a partial creditor committee to begin restructuring talks with Ghana. Many analysts and market watchers will therefore be watching closely how the discussions unfold. Any decision taken is expected to influence the value of the cedi going forward. Last week, the cedi gained across the major trading currencies in the foreign exchange market following progress on Ghana’s negotiations with its bilateral creditors. It gained…

03 Apr

Cedi Starts Week On Strong Note; $1 Now ¢11.50

wontumionlineBusinessCEDI, dollar, Euro, pound

The Ghana cedi started this week on another strong note against the US dollar. Checks by Joy Business at some forex bureaus indicate that the local currency gained more than 60 pesewas in value to the US dollar this morning, April 3, 2023. The Ghana cedi started this week on another strong note against the US dollar. The same story could also be said about the pound as it improved in value against the British currency to trade at ¢14.40. However, the cedi lost grounds against the euro to sell at ¢13.60. Some analysts believe the recent surge in the…

21 Mar

Cedi May Record Mixed Performance To Dollar This Week

wontumionlineBusinessCEDI, dollar, Euro, pound

The Ghana cedi may record mixed performance against the US dollar this week. This will be similar to what transpired last week as the local currency depreciated by a marginal 0.20% to the American greenback. According to some analysts Joy Business engaged, the increased demand for the US dollar will trigger mixed development on the forex market. Although the Finance Minister’s visit to China on debt restructuring talks and the government’s renewal of coupon payments may improve market sentiment, the analysts believe these are not enough to cause the cedi’s recent gains against the American greenback. Last week, the local…

28 Feb

Cedi Lost 1.94% Value To Dollar Last Week; $1 Equals ¢13.05

wontumionlineBusinessCEDI, dollar, Euro, pound, retail market

The Ghana cedi lost about 1.94% value to the US dollar last week to trade at an average of ¢13.0. The local currency closed the week at an indicative rate of ¢11.01/$1 on the interbank market. It also posted a week-on-week depreciation of 1.94% against the pound and 1.83% vs. the euro on the retail market. This was despite increased foreign exchange (FX) support on the market by the Bank of Ghana. Although the Bank of Ghana increased dollar support on the market, it could not tame the demand for the American greenback. The Central Bank also provided about $10.75…

07 Feb

Demand For Dollars Ease; Bog Sold Only $9.2m On Spot Market

wontumionlineBusinessBoG, CEDI, dollar, Euro, pound

Demand for dollars continued to ease as the Bank of Ghana sold only $9.2 million on the spot market last week (January 30 – February 3, 2023). Analysts and Market watchers believe the progress made by government on the Domestic Debt Exchange Programme (DDEP) will positively improve investor confidence in the economy, boosting the outlook of the cedi. The deadline for the programme is expected to end today February 7, 2023. All things being equal, the attainment of the 80% subscription target will enhance the outlook of the cedi for the rest of the year. The local currency gained across…

06 Feb

Cedi Continues Recent Gain Against Dollar; $1 Now ¢10.40

wontumionlineBusinessCEDI, dollar, Euro, forex bureaus, pound

The Ghana cedi continued its recent gain against the US dollar, starting the week on a positive note. Checks by Joy Business at the forex bureaus indicate that the local currency gained 10 pesewas early morning of February 6, 2023, to sell at ¢10.40 to the dollar. This narrowed its year-to-date loss in the retail market. The same story can also be said about the pound and the euro as the cedi is going for ¢14.80 and ¢13 respectively. The cedi gained about 3.1% value to the American ‘greenback’ last week. A week before, it improved in value by about…

15 Dec

Fitch Solutions Predicts Stronger Cedi In 2023

wontumionlineBusinessCEDI, dollar, Fitch solutions, Ghana’s 2023 Economic Outlook, pound

International institution, Fitch Solutions, is predicting a stronger cedi against the major foreign currencies in 2023. According to its latest analysis of Ghana’s 2023 Economic Outlook, it said the likely programme from the International Monetary Fund (IMF) signals through investors that the government is committed to fiscal consolidation that will turn around the country’s economic predicament. Senior Country Risk Analyst at Fitch Solutions, Mark Kruninger said the announcement of the staff-level agreement by the IMF has helped to improve the value of the cedi. The local currency has for the past one week witnessed over 20 percent gain in value…

13 Dec

Confidence In Foreign Exchange Market To support Cedi’s Rally

wontumionlineBusinessCEDI, imf, investor sentiment, pound

Confidence in the foreign exchange market is expected to support the cedi’s rally against the US dollar and the other major foreign currencies in the coming weeks. This follows rising investor sentiments that the country and the International Monetary Fund (IMF) will reach a Staff-Level agreement today. According to Databank Research, it expects a possible IMF programme to turn the economy around. “The Ghana cedi started to see gains against the major trading currencies after the government launched the domestic debt exchange programme. This contributed to easing the pressures as the improved visibility of Ghana’s economic outlook calmed investors’ fears…

06 Dec

Cedi Strengthens In Value Against Dollar; 1$ Now ¢13.70

wontumionlineBusinessCEDI, dollar, pound

The Ghana cedi strengthened in value against the dollar almost a day after the government launched the Debt Exchange Programme. The local currency also improved in value against the other major foreign currencies, the pound and the euro. It is being sold by forex bureaus at an average of ¢13.70 to the American ‘greenback’. It is also going for ¢14 to the euro and ¢16.70 to the pound It is, however, unclear why the cedi gained value against these major international currencies. But some market watchers and analysts may attribute it to the Debt Exchange Programme as the government defined…