Tag: Cedi Depreciation
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FX forward sale: BoG accepts $40 million in bids for February auction
The Bank of Ghana accepted forty million dollars’ worth of bids in its latest auction of forex, which is the same as the amount it accepted two weeks ago, on January 28, 2020. The forward auction sales started in October 2019. Under the move, foreign exchange dealers are able to make advance purchases of foreign…
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Bloomberg ranks cedi as best performing currency in the world against the dollar
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…
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6 things to know about the FX Developments Committee
On Thursday, January 16, 2020, a Deputy Finance Minister, Charles Adu Boahen, inaugurated a 38-member committee christened the Foreign Exchange Developments Committee with the task of reviewing the existing forex regime, and come up with workable solutions to foster a stable exchange regime. The Committee, which held its first meeting right after it was inaugurated,…
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Committee investigating ‘Cedi depreciation’ taking over BoG job – Prof. Gatsi
It is a consolidated fact that the management of the currency (Cedi), including investigations into the depreciation of the currency, is the constitutional mandate of the Central Bank of Ghana. In article 183 (2)(a) of the Constitution, the BoG is mandated to promote and maintain the stability of the currency in the interest of economic…
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FX Development Committee not taking over BoG’s job — Adu Boahen
The Deputy Finance Minister Charles Adu Boahen has stated that the FX Development Committee, established by the Finance Ministry to look into policy measures and solutions to prevent the recurring depreciation of the cedi, is not usurping the powers of the central bank. The establishment of the committee follows a promise made by the Finance…
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Increased foreign currency deposits contributed to cedi’s depreciation – BoG report
A latest banking sector report has shown that the increased deposits of foreign currency partly contributed to the depreciation of the cedi recorded within the first four months of 2019. According to the banking sector report spanning activities between January to April 2019, foreign currency that were deposited at banks increased by 28.2 percent in…
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Commodity prices, cedi depreciation push Producer Price Inflation up to 6.7%
The producer price inflation rose to 6.7 percent in March 2019. This is 3 percent higher compared to the 3.7 percent recorded in the same period in 2017. The Ghana Statistical Service attributes the rise to the prevailing prices of commodities like gold and petroleum on the international world market. The Government Statistician, Professor Samuel…
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$670m support to stabilise cedi laudable – Prof. Peter Quartey
Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Peter Quartey, has described as a move in the right direction, the decision by the Bank of Ghana to use six hundred and seventy million dollars ($670,000,000) to stabilize the cedi. The Governor of the Bank of Ghana, Dr Ernest Addison revealed…
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Cedi depreciates by 11% against the dollar over one year period
The cedi has depreciated by 11 percent between January 2018 and the same period this year [2019]. The local currency is now trading at 4 cedis 91 pesewas to a dollar on the interbank foreign exchange market. This is also remarkable as some currency analysts have predicted that the cedi could hit 5 cedis to…
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Cedi records poorest performance in November 2018
The local currency, the cedi, witnessed its weakest performance in November 2018 compared to the same period in 2017; a Bank of Ghana report has shown. The cedi, in relation to the dollar, recorded a depreciation of 7.82 percent as at Thursday, November 22, 2018. This was after a two month downward performance of the…