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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

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    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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3 reasons why the cedi should not be devalued – Amoabeng

bycitibusinessnews
February 4, 2016
in Banking And Finance, Top Stories
Group Chairman, UT Group of companies Mr. Kofi Amoabeng

Group Chairman, UT Group of companies Mr. Kofi Amoabeng

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Group Chairman of UT group of Companies, Prince Kofi Amoabeng, has waded into the debate as to whether or not the cedi should be devalued.

According to him, devaluing the cedi was unnecessary as the currency continues to depreciate considering its floating nature.

The Cedi depreciated by 15.7% in 2015.

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The Governor of the Bank of Ghana earlier said the cedi does not need to be devalued.

But some industry watchers have insisted that the cedi must be allowed to devalue to its natural value which will move the Ghanaian economy from an import led to an export led economy.

But in an interview with Citi Business News, Prince Kofi Amoabeng said the cedi has subjected itself to devaluation which is determined by market forces and stated three reasons why the cedi should not be devalued.

  1. “The currency is floated; we have a floating foreign exchange currency regime. So depending on  supply and demand, we will move in a one way or the other which means it subjected itself to devaluation.”

2.The second thing; if you look at how the cedi has fared for the past eight years it has lost 75% of its value, if you take it at 4 cedis to 1 dollar, its used to be GH¢1 to $1, so which devaluation do we need again and is too much for us to bear.

3.Then the third reason is we are an import base economy so we don’t export much everything comes from the import. If we devalue its means imports are going to get more expensive because the fact that you devalued that does not means that you will increase your export because it is not elastic enough to respond to the rate of devaluation. And that will make things more expensive as prices go high, therefore why the need to devalue.”

–

By: Norvan Acquah – Hayford/citibusinessnews.com/Ghana

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