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    Deadline for debt exchange program moved to February 7 with new terms

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    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

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    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

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    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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

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Cedi will continue to gain value in coming weeks- currency analyst

bycitibusinessnews
July 14, 2015
in Business, Local Economy, Top Stories
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Currency analysts are projecting that the cedi will gain more value in the third and fourth quarter of this year as government awaits more dollars to inject into the economy.

[contextly_sidebar id=”SffhpNWYIjKWV762nnzKzLNBcfJENYYR”]According to currency analyst, Sammy Ampah the coming in of the second tranche of the IMF balance of payment support, as well as inflows from the cocoa syndicated loan as well as the 1 billion Eurobond will to a large extent ensure the stability of the local currency.

‘’From the third to the fourth quarter of 2015 we could have the cedi seemingly gaining some value due to the expected inflows and all these are just indicators of a clear stability push that can sustain the currency. ‘’

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Prior to the appreciation of the local currency it had depreciated in excess of 26 percent against the dollar this year, however currency Analyst Sammy Ampah tells Citi Business News, the weekly  injection of dollars by the central bank and expected  inflows are just short term remedies to shore up  the currency.

On the long term, Sammy Ampah believes the Bank of Ghana must step up its fiscal discipline efforts to sustain the current performance of the cedi.

He is of the view that , ‘’the 0.3 percent deficit recorded in the first quarter of 2015 is an improvement of our high budgetary deficit records but that notwithstanding there is an indication of government’s inability to sustain that successes it has chalked as we enter into an election year 2016.’’

According to him, the challenge lies with government to show that ‘’indeed it has fiscal prudence and fiscal management practices that is sustainable.’’

–

By:  Lorrencia Nkrumah/citifmonline.com/Ghana  

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