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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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Cedi depreciation in 2020 lowest in fourth republic – Kyei-Mensah-Bonsu

byEllen Dapaah
March 12, 2021
in Local Economy, Top Stories
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The Minister for Parliamentary Affairs and caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu has touted last year’s performance of the cedi against the other currencies.

According to him, the depreciation of the cedi against the dollar in 2020 is the lowest recorded so far in the fourth republic, in spite of the dire effects of the COVID-19 pandemic.

He made this assessment during his presentation of the 2021 budget statement and economic policy on the floor of Parliament on Friday, March 12, 2021.

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“…Cumulatively, Mr. Speaker, the Ghana cedi depreciated against the US dollar, the Pound Sterling and the Euro, by 3.9%, 7.1%, and 12.1% respectively. This compares with the larger depreciation rate of 12.9%, 15.7%, and 11.2% from the US dollar, the Pound Sterling, and the Euro respectively during the same period in 2019. It is worth noting that the depreciation of the Ghana cedi against the US dollar in 2020 is the lowest recorded in the fourth republic notwithstanding the COVID-19 pandemic.”

This is not the first time the government has made this assertion.

The Vice President, Dr. Mahamudu Bawumia in November last year noted that Ghana, under Akufo-Addo’s administration had seen the lowest depreciation of the cedi since 1992.

According to him, although the COVID-19 pandemic has affected economies all over the world the Akufo-Addo government has ensured a low inflation rate thereby impacting the strength of the cedi positively.

Performance of the cedi

The currency performed marginally well within the first half of 2020, compared with other major currencies such as the US dollar and the Euro.

There were reduced export earnings coupled with limited revenue from the country’s oil reserves due to the impact of the COVID-19 pandemic.

Currently, the dollar is selling at GHS5.73. The British Pound gained 4 pesewas and is selling at GHS8.00 and the Euro is selling at GHS6.85.

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