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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

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    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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Finance minister blames banks & forex bureaus for cedi’s woes

bycitibusinessnews
July 16, 2014
in Banking And Finance, Business, Local Economy
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Finance minister Seth Tekper has attributed the continuous depreciation of the cedi to speculative activities of some Banks, financial Institutions as well as foreign exchange bureaus in the country that are allowed to retain foreign exchange

Ghana’s growing and insatiable appetite for the consumption of imported goods has also been blamed by the minister for the cedi’s woes.

The cedi this year alone has depreciated by more than 27 percent.

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Presenting his midyear review of the 2014 budget, Seth Tekper said the loss of foreign exchange from the rapid fall in world commodity prices, especially gold and cocoa in the 2013 fiscal year as well as loss of foreign exchange from the sharp decline in grants from Ghana’s development partners from 2012 to date, are also the cause of the cedi’s poor performance.

According to Seth Tekper though the continuous depreciation of the cedi could be positive for exporters, ‘its impact has to some extent affected fixed income earners, inflation, interest rates and economic activities’.

Government according to the finance minister will continue to design and implement appropriate measures to save the cedi from further fall.

Among the measures will be the continuous review and clarification of the Bank of Ghana’s foreign exchange measures to stop its unintended consequences, especially those that affect business confidence.

There will also be the introduction of more measures which are intended to boost the flow of foreign exchange into the economy.

An increase in the production of crude oil and gas to reduce the reliance on imported light crude oil for the generation of power is also expected to reduce demand for forex.

Seth Tekper believes the measures coupled with expected reversals in the low world commodity price of cocoa would improve the foreign exchange position of Government.

But the measures will not end there, enforcement of the President‘s directive for all MDAs and MMDAs to patronize made-in-Ghana products to preserve foreign exchange, addressing the annual seasonality of foreign exchange inflows by effectively arranging the smooth use of international reserves through interventions including swaps, especially for the period after the cocoa season among others will all be enforced to keep the cedi afloat. ‘continuing with on-going discussions with the business community that is allowed to retain significant foreign exchange to channel those funds through the Bank of Ghana and domestic banks, enforcing Government‘s directive for MDAs and MMDAs to award contracts only in Ghana Cedis, checking the illegal practice of dealing in forex transactions on a large and often speculative scale without licence and implementing the directive of Cabinet to review the laws and generous incentive packages to make retentions commensurate with the risk associated with doing business’.

By:  Vivian Kai Mensah/citifmonline.com/Ghana

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Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)
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