Tag: Cedi Depreciation
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BoG to save cedi’s free fall with $650mn of cocoa syndicated loan
About 650 million dollars from the cocoa syndicated loan is to hit the Bank of Ghana’s account today. This is because the COCOBOD will make the first draw down from the loan to be lodged at the central bank’s account. The figure represents fifty percent of the 1.3 billion dollars that the Ghana COCOBOD secured…
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IMF blames cedi’s woes on weak communication
The International Monetary Fund (IMF) has stated that the lack of effective communication by the government on foreign exchange policies, has partly contributed to the cedi’s depreciation. The Fund believes that the lack of clarity also made the public resort to speculations which impacted the local currency’s performance. A report issued by the IMF’s mission…
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Cedi to hit 5 to a dollar as external pressures soar – Analyst
Some currency analysts are projecting that the cedi will continue its losing streak against major trading currencies until external factors influencing its performance, subsidise. The local currency has been depreciating against the dollar particularly for some time now with some analysts it will hit the 5 cedis mark soon. As at close of business on…
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Businesses push for direct Yuan conversion in Ghana
The introduction of the Chinese Yuan as a major trading currency in Ghana will bring flexibility and ease of doing business. This is the take by business associations in Ghana. By this, they have reiterated calls for government and the Bank of Ghana to make the Chinese Yuan accessible in Ghana. They also contend that…
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MTN ends GH¢3.47 bn IPO today
MTN is to complete its Initial Public Offering (IPO) by close of day today [July 31, 2018] barring any last minute changes. The telecom company is ceding thirty-five percent (35%) of its shares to the public to complete the regulatory processes after it secured one of the 4G spectrum license. It’s been a little over…
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Cedi depreciates by 5.83% in July – BoG
Latest data from the Bank of Ghana dubbed the Summary of Economic and Financial Data has shown that the cedi depreciated by 5.83% by July this year compared to the same period last year. The cedi until recently saw a sharp depreciation against the dollar, creating some uncertainty among business associations, calling for the free…
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BoG to reduce policy rate further – Absa Research
Absa Research says it is anticipating that the Bank of Ghana will reduce its policy rate towards the end of the year in line with recent developments in the economy. Its projection is premised on the fact that inflation which refers to the general rise in the prices of goods and services will reduce in…
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‘Black market’ trade impeding cedi’s stability [Audio]
Forex bureau operators want the Bank of Ghana to clamp down on the growing operations of black marketers in the foreign exchange business. The illegal business has been cited as one of the major constraints to stabilizing the cedi. The comments come in the wake of debates on the need to stem the cedi’s losing…
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Cedi’s free fall: GCB Bank expands FX business
GCB Bank has disclosed of a major expansion drive to increase the trading in foreign exchange to help businesses get access to major international trading currencies. GCB Bank tells Citi Business News that it is increasing the scope of FX trading to minimize the impact of the shortage of foreign currency in the system. The…
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Cut expenditure to tame cedi’s free fall – GN Research to govt
Some economists have impressed on the government to cut down on its expenditure for the remainder of the year if it is to sustain gains in stabilizing the cedi against the dollar. The comment comes as the Finance Minister, Ken Ofori Atta prepares to present the midyear budget review to Parliament next month. They explain…