Tag: Cedi Depreciation
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Effect of cedi depreciation on inflation expected to continue – GSS
The Ghana Statistical Service has cautioned that the continuous depreciation of the local currency could continue to adversely impact the country’s inflation. Recent Data released by Service shows that the continuous hikes in prices of food, transport, water, and other fuels pushed Ghana’s inflation rate to hit 40.4 percent for the month of October. Addressing…
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There is more to be done to revive the Cedi – Economist Patrick Asuming
An Economist Dr. Patrick Asuming has stated that although the cedi has slowed down its depreciation against major trading currencies, there’s still more government needs to do to stabilize it. The rate of depreciation of the Ghana cedi to the US dollar slowed down on Tuesday, following weeks of free fall as the government takes…
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Local contractors to drag government to court over 10 billion debt
The Ghana Chamber of Construction Industry has threatened to take legal action against government, for failing to pay over 10 billion cedis accrued debt it owes contractors. The contractors lament that for over four years now, government has stalled in paying contractors for work done. A situation they say is having a negative toll on…
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Cedi depreciation likely to slow down – Dr. Patrick Asuming
The current rate of the Cedi’s depreciation is likely to slow down, if government is able to conclude its negotiations with IMF on time, as well as introduce effective policies in the upcoming 2023 budget reading next month. This is according to Economist Dr Patrick Asuming. A latest Bloomberg report has ranked the Ghana cedi…
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Fitch projects 43% depreciation of the cedi, higher inflation in 2022
The hope of Ghanaians to see an end to the sharp rise in inflation and the wanton depreciation of the local currency has further been dashed as Fitch Solutions forecasts a further weakening of the local currency throughout the year. In its latest ‘Ghana’s Private Infrastructure Investment Set for Medium-Term Recovery’ report, Fitch is predicting…
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Bank of Ghana to clamp down on forex bureaus trading illegally
The Bank of Ghana has disclosed plans to begin closing down forex bureaus flouting the laws governing foreign exchange operations. This is part of efforts meant to stop all market practices fueling the cedi’s fast depreciation. The local currency has crossed the GH¢10 to US$1 mark on the retail market. A visit by Citi Business…
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Government is committed to stabilizing cedi – Ofori-Atta
Minister for Finance, Ken Ofori-Atta has assured that government remains committed to implementing measures to address the perennial depreciation of the Ghana cedi against its major trading partners. The Minister gave the assurance when he responded to a question posed to him in Parliament by the Member of Parliament (MP) for Bongo Constituency, Edward Abambire…
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Cedi depreciation pushes Ghana’s debt to over GH¢390 bn in April; 78% of GDP
Recent data released by the Bank of Ghana puts Ghana’s total public debt stock as of March 2022, at US$ 55.1 billion or GH¢391.9 billion. In Dollar terms, the debt dropped by over $3 billion in the first 3 months of the year, from $58.4 billion in January to $55.1 billion in March. In Cedi…
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Gov’t urged to be accountable for new interventions rolled out to revive economy
Economist with Databank, Courage Martey has urged the government to be accountable in the quest to reap maximum impact off the interventions and cost-cutting measures rolled out to revive the economy. The government has committed to further spending cuts amid the rising cost of living and growing sense of economic hardship. These new measures will…
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BoG advises against negative speculation about the Ghana Cedi
The Bank of Ghana has called out persons and groups that continue to negatively speculate about the Ghana Cedi with the hope that the local currency will continue to depreciate against the US Dollar. While data from the Central Bank shows that the Cedi had depreciated by about 15%, in the first 3 months of…