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    Deputy Government Statistician, David Kombat.

    Ghana Statistical Service to recruit 70,000 enumerators for 2020 census

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    Alan Kwadwo Kyerematen, Trade and Industry Minister.

    IMANI dares Trade Minister to speak on UNI-PASS single window system

    Deputy Government Statistician, David Kombat.

    2020 census slated for June 28; exercise to be undertaken in 2-weeks

    Ghana’s petroleum revenues dip amidst production challenges

    Implementing UNIPASS won’t result in judgement debt – Customs

    Nana Oti Awere, Spokesperson for Asante Kotoko Society.

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    Deputy Government Statistician, David Kombat.

    Ghana Statistical Service to recruit 70,000 enumerators for 2020 census

    Gov’t to hold crucial meeting with Neoplan Ghana over company’s struggles

    Alan Kwadwo Kyerematen, Trade and Industry Minister.

    IMANI dares Trade Minister to speak on UNI-PASS single window system

    Deputy Government Statistician, David Kombat.

    2020 census slated for June 28; exercise to be undertaken in 2-weeks

    Ghana’s petroleum revenues dip amidst production challenges

    Implementing UNIPASS won’t result in judgement debt – Customs

    Nana Oti Awere, Spokesperson for Asante Kotoko Society.

    Ashanti groups take on GIADEC over bauxite mining in Nyinahin Forest Reserve

    Farmers, workers protest over struggling Ayensu Starch Factory; demand gov’t takeover

    Executive Director of ACEP, Benjamin Boakye

    ACEP urges 40% projected revenue in Stabilization Fund against oil price volatility

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    Deputy Government Statistician, David Kombat.

    Ghana Statistical Service to recruit 70,000 enumerators for 2020 census

    Gov’t to hold crucial meeting with Neoplan Ghana over company’s struggles

    Alan Kwadwo Kyerematen, Trade and Industry Minister.

    IMANI dares Trade Minister to speak on UNI-PASS single window system

    Deputy Government Statistician, David Kombat.

    2020 census slated for June 28; exercise to be undertaken in 2-weeks

    Ghana’s petroleum revenues dip amidst production challenges

    Implementing UNIPASS won’t result in judgement debt – Customs

    Nana Oti Awere, Spokesperson for Asante Kotoko Society.

    Ashanti groups take on GIADEC over bauxite mining in Nyinahin Forest Reserve

    China halves tariffs on more than 1,700 US goods

    uniBank’s collapse: Lawyers for Duffuor and son dispute charges

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    UK’s evidence-based decision good for more advanced and secure telecoms infrastructure – Huawei

    Apple to close all China mainland stores due to virus outbreak

    Newly launched G-Money to offer competition for mobile financial operators

    GCB Bank launches G-Money mobile money wallet product

    GhIPSS allays fears increasing usage of Instant Pay feature will crash its system

    Surfline launches ‘Year of the Customer’ loyalty programme

    Diana Owusu-Kyereko appointed CEO of Jumia Ghana

    Telcos don’t seize accounts of dead MoMo users – Telcos Chamber

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    Coronavirus: Companies tell workers ‘stay at home’

    Honda, Toyota recall 5.3 Million cars over airbag risks

    Growth in sub-Saharan Africa to rise to 2.9 percent — World Bank

    File photo

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Bloomberg ranks cedi as best performing currency in the world against the dollar

by Richard Annerquaye Abbey
February 3, 2020
1 min read
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Bloomberg has adjudged the Ghana cedi as the best performing currency against the US dollar among the 140 currencies it currently tracks.

According to Bloomberg, the local cedi has so far appreciated by 3.4 percent against the dollar as at Monday, February 3, 2020.

The fortunes of the cedi look even brighter considering the country is on the verge of issuing a US$3 billion Eurobond which is expected to provide more dollar inflows that would further cushion the cedi from volatilities.

The local currency’s performance is a stark contrast to the 2019 performance where the cedi cumulatively depreciated by about 13 percent.

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The cedi’s strong performance comes on the back of a number of measures put in place by the central bank as well as the Finance Ministry to resolve the cedi’s perennial struggles against its major trading partners.

The central bank, among other things, announced the commencement of forward fx auctions which basically allows banks and other dealers to make advance purchases of foreign currency to be supplied at an agreed rate later on.

The Bank of Ghana adopted this to help in regulating the supply of foreign currency and to stabilize the cedi for some time.

The central bank’s auction committee in a statement issued last week said it accepted less than fifty percent of the total amount of bids submitted by banks in the forex forward sales for Tuesday, January 28, 2019.

The forty million dollars accepted by the central bank is about 38 million dollars less than the amount the banks bid for.

Tags: BloombergcediCedi Depreciation

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