No Result
View All Result
Friday, March 31, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    BoG cautions against use of Ghana Cedi for bouquets and hampers

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    GH¢5.5bn approved by Parliament not only for Blackshield customers – SEC

    BoG assures of enhanced educational campaigns to ensure proper handling of local currency

    Youth in Accountable Governance calls for passage of outstanding revenue bills

    GRA reiterates calls for businesses to embrace  E-VAT

    IES predicts drop in fuel prices from April 1

    Journalists trained on the Enrolment of cocoa farmers in pension scheme

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    Bank of Ghana increases Monetary Policy rate to 29.5%

    Industry experts convene to discuss diversification strategies for pension funds

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

  • TECHNOLOGY

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    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

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

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

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    BoG cautions against use of Ghana Cedi for bouquets and hampers

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    GH¢5.5bn approved by Parliament not only for Blackshield customers – SEC

    BoG assures of enhanced educational campaigns to ensure proper handling of local currency

    Youth in Accountable Governance calls for passage of outstanding revenue bills

    GRA reiterates calls for businesses to embrace  E-VAT

    IES predicts drop in fuel prices from April 1

    Journalists trained on the Enrolment of cocoa farmers in pension scheme

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    Bank of Ghana increases Monetary Policy rate to 29.5%

    Industry experts convene to discuss diversification strategies for pension funds

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

  • TECHNOLOGY

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    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

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

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

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Cedi depreciates by 5 percent in March – BoG report

bycitibusinessnews
March 26, 2017
in Banking And Finance, Government, Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Latest figures by the Bank of Ghana have shown that the cedi’s depreciation against the dollar for March 2017, is five times more than the rate of depreciation recorded in the same period in 2016.

The cedi has depreciated from 0.9 to 5 percent within the twelve months period.

Also, in March 2017, the local currency depreciated by 7.5 and 8 percent to the British Pound and the Euro respectively.

ADVERTISEMENT

According to the Summary of Economic and Financial data by the Bank of Ghana, the cedi has cumulatively gained 59 pesewas between March 2016 and March 2017.

A dollar traded at 4 cedis 42 pesewas as at the 23rd of March 2017, compared to 3 cedis 83 pesewas in March 2016.

Also, the cedi’s depreciation in relation to the Euro, has almost doubled from 4.5 to 8 percent between March 2016 and March 2017.

Cumulatively, the cedi gained some 42 pesewas within the twelve months period.

Even though the cedi’s performance in relation to the British Pound showed almost no change in price as at 23rd March, the local currency witnessed depreciation as much as 7.5 percent after appreciating by 1.8 percent in March 2016.

It is worth noting that aside the Euro, the cedi’s depreciation witnessed a marginal drop between February and March this year.

The sharp depreciation of the local currency between January and February this year occurred despite the Bank of Ghana’s 120 million dollars auction for the first quarter of this year.

Although the auction is expected to end by Friday, some currency analysts say it has just begun yielding the intended results.

The General Manager of Treasury at HFC Bank, Joseph Nketsia tells Citi Business News the sharp depreciation could have been averted had the central bank increased its supplies at the time.

“The dollar auction has really had a positive two weeks. At the initial stages, the demand for foreign currency was very high as a result, the 40 million dollars auction by the bank of Ghana wasn’t enough to absorb the demand on the market and that is what caused the cedi to depreciate further,”he said.

Notwithstanding the impact of the BoG’s 120 million dollars auction, a Senior Research Fellow at the Institute for Fiscal Studies, Dr. Said Boakye is opposed to the move.

He questions its sustainability and further warns that the central bank risks depleting its foreign reserve with the plan.

“Now the Bank of Ghana is not going to hold those reserves of foreign currency but rather going to keep on selling to the commercial banks and it is not necessarily increasing the supply within the system because it will be depleting what the central bank is having and entering into the hands of the commercial banks.”

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

Related Posts

Business

CUTS International pushes for passage of Competition bill

byEmmanuel Oppong

Think Tank, Consumer Unity and Trust Society (CUTS) is urging government to quicken efforts to pass the Competition bill to...

Read more

GH¢5.5bn approved by Parliament not only for Blackshield customers – SEC

BoG assures of enhanced educational campaigns to ensure proper handling of local currency

Youth in Accountable Governance calls for passage of outstanding revenue bills

GRA reiterates calls for businesses to embrace  E-VAT

IES predicts drop in fuel prices from April 1

Journalists trained on the Enrolment of cocoa farmers in pension scheme

Next Post

Ameri deal to be abrogated over $ 150m 'bloated' commission

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.