Tag: Cedi Depreciation
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Pumping dollar into Ghana’s economy won’t solve cedi depreciation challenge – Joe Jackson
The Director of Strategy and Business Operations at Dalex Finance, Joe Jackson, has charged government to critically analyse factors that have led to the continuous depreciation of the cedi, and propose the appropriate solution to the causes. According to experts, the cedi is now one of the worst-performing currencies in Africa. According to the Bank…
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Cedi depreciation can’t be solved with public lectures and flawed analysis – Nii Moi Thompson
A former Director General of the National Development Planning Commission (NDPC), Dr. Nii Moi Thompson says the government must take practical steps in addressing the depreciation of the cedi. He said the situation cannot be tackled successfully with “flawed and politicized analysis or through public lectures.” In an article highlighting the cause of the country’s…
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Too much anxiety negatively impacting Cedi performance – Prof. Peter Quartey
Director of the Institute of Statistical, Social and Economic Research, at the University of Ghana, Prof. Peter Quartey has cautioned against heightened anxiety around the local currency. According to him, too much anxiety will lead to speculation about the currency which could fuel further depreciation. The Cedi has depreciated significantly against its major trading currencies…
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Increase investment in rice production to make local produce competitive – Peasant Farmers
Head of Programmes and Advocacy at the Peasant Farmers Association of Ghana, Charles Nyaaba has reiterated calls for government to adequately support and invest in rice production in the country. According to him, leaving players in the rice value chain to compete with produce from areas with well-subsidized rice programs, only leads to Ghana’s rice…
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Cedi depreciation pushes debt to almost GH¢345 billion in Nov; 78.4% of GDP
Latest data put out by the Bank of Ghana puts Ghana’s total public debt stock, as of November 2021, at US$ 58.2 billion or GH¢344.5 billion. In Cedi terms, the total debt stock increased marginally from GH¢341.8 billion in September by about GH¢3 billion to the GH¢344.5 recorded in November. In Dollar terms however the…
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Cedi likely to experience further marginal depreciation this year – Economist
With exactly four months to the end of the year 2021, the Ghana Cedi is expected to experience some further marginal depreciation against the U.S Dollar, following a recent period of weakening. After showing a rare determination to shed only about 3.8 percent of its value against the US dollar last year, the local currency…
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Cedi depreciation and taxes quadruple domestic fuel prices in the last decade – IES
Over the past decade (2010-2019), Ghana has seen a 347 percent increase in price of Gasoline (Petrol) and a 338 percent increase in Gasoil (Diesel) price at the pump, largely because of Cedi depreciation, taxes and levies. Analysis of data from the Energy Commission (EC), National Petroleum Authority (NPA) and IES’ MarketScan show that by…
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BoG to build additional reserves to deal with cedi depreciation
The Bank of Ghana says it intends to build additional reserves of up to 300 million cedis to stabilize the country’s currency. This will be a medium-term solution to prevent the free fall of the cedi. The currency has performed marginally well within the first half of the year, compared with other major currencies such…
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Gov’t, BoG must continue prudent policies to keep cedi stable – Societe Generale’s Deputy MD
The Deputy Managing Director of Societe Generale Bank, Ghana, Ernest Kuetche, is urging the government to keep the local currency stable against major trading currencies such as the US dollar. Despite its constant struggles, the local currency, according to the Bank of Ghana, has appreciated about four percent in value against the dollar since the…
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BoG launches real-time platform for interbank forex trading
As part of plans to ensure the continuous stability of the local currency against its major trading partners, the Bank of Ghana has launched a platform for commercial banks to use in the trading of forex in a real-time manner. Referred to as the Refinitiv Matching Platform, it is part of the central bank’s plans…