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Tag Archives: Cedi Depreciation

‘Black market’ trade impeding cedi’s stability [Audio]

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Forex bureau operators want the Bank of Ghana to clamp down on the growing operations of black marketers in the foreign exchange business. The illegal business has been cited as one of the major constraints to stabilizing the cedi. The comments come in the wake of debates on the need to stem the cedi’s losing streak against major trading currencies. ...

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Cedi’s free fall: GCB Bank expands FX business

Ray Sowah - MD, GCB Bank

GCB Bank has disclosed of a major expansion drive to increase the trading in foreign exchange to help businesses get access to major international trading currencies. GCB Bank tells Citi Business News that it is increasing the scope of FX trading to minimize the impact of the shortage of foreign currency in the system. The move could be described as ...

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Cut expenditure to tame cedi’s free fall – GN Research to govt

Ghana Cedi

Some economists have impressed on the government to cut down on its expenditure for the remainder of the year if it is to sustain gains in stabilizing the cedi against the dollar. The comment comes as the Finance Minister, Ken Ofori Atta prepares to present the midyear budget review to Parliament next month. They explain that the perennial issue can ...

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Gov’t defends measures to halt cedi depreciation soon

Gideon Boako - Spokesperson to Vice President, Dr. Mahamudu Bawumia

The government has maintained that it has put in place robust measures to halt the free fall of the cedi in the coming weeks. According to Dr. Gideon Boako, Spokesperson for the Vice President, Dr. Mahamudu Bawumia, efforts to reduce inflation and increase the availability of foreign reserves, point to a foreseeable halt in the depreciation of the cedi against ...

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Cedi to stabilise by end of March 2018                                           

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Currency analysts have predicted a relative stability of the cedi against the dollar, Euro and British Pound by the end of March this year – 2018. This comes despite the depreciation of the cedi in relation to the three major trading currencies. The perennial depreciation of the cedi has among others, impacted the planning of businesses especially by importers. But ...

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Cedi depreciation remains key concern for businesses

Ghana Cedi

Business owners in Accra have identified the cedi’s depreciation as their major challenge and want the government to stem the situation. They contend that the development continues to impact their operations adversely hence require a solution to the perennial issue. The comments come three days ahead of the  President Akufo Addo’s state of the nation address to Parliament on Thursday, ...

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Cedi depreciates 3.4% to dollar in 2017

Ghana Cedi

The cedi’s losing streak against major trading currencies continues on the foreign exchange market. Even though there is an indication of a marginal improvement in the cedi’s performance, the currency is still struggling to stabilize against major ones. According to the Bank of Ghana, between May and December 2017, the cedi depreciated by 3.4 percent to the dollar on the ...

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Mixed reactions meet GH¢6 to $ 1 prediction

Ghana Cedi

There are mixed reactions to the prediction that the cedi will depreciate to 6 cedis to a dollar by 2022. The Economist Intelligence Unit (EIU) based in the UK, has predicted that the local currency will perform poorly against the dollar within the next four years due to some external pressures and political uncertainties. But some currency analysts have expressed ...

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Fuel prices to drop again in October

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Consumers are expected to pay less at the pumps in the second pricing window of October. This is according to the Institute of Energy Security (IES) who have predicted a reduction in fuel prices of up to three percent. Fuel prices since the beginning of this year (2017), have seen marginal increase due to the constant depreciation of the cedi ...

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