Tag: Cedi Depreciation
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Devalued currency is a blessing for Ghana – Henri Wientjis
Businessman and CEO of the African Tiger Holdings Limited, Henri Wientjis has suggested that Ghana’s devalued currency is a blessing for the country. He argues that the depreciation of the cedi should serve as an opportunity to develop the country’s agric sector and increase exports to the advantage of exporters. Speaking at the Investment Opportunities…
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Stopping dollar auction: Currency analysts demand stable FX market
Currency analysts are impressing on the Bank of Ghana to intensify its efforts to stabilize the forex market and help forecasting in the market. It follows the central bank’s decision to halt the auction of dollars to banks in a bid to address the depreciation of the cedi. Governor of the Bank of Ghana Dr.…
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Industry demands low interest rates, stable cedi after 100 days
Businesses are impressing on the government to pursue economic policies that will sustain growth and create employment in the country. They argue that the eventual drop in interest rates and a stable currency should ease the cost of doing business and allow private sector growth. The comments come on the back of the assessment by…
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We have arrested falling cedi – Bawumia
The Vice President Dr. Mahamudu Bawumia says the government has been able to arrest the free fall of the cedi in its first hundred days in office. According to him, the interventions embarked on by the NPP administration have helped to restore value in the cedi compared to what was bequeathed to them by the…
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Shippers appeal for stable currency to aid business
Shippers have impressed on the government the need to work to maintain the cedi’s stability for the rest of this year to facilitate their trade. According to them, the cedi’s depreciation had impacted adversely on their operations as it resulted in some operational losses. The CEO of the Ghana Shippers’ Authority, Dr. Kofi Mbeah explained to…
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Cedi depreciates by 5 percent in March – BoG report
Latest figures by the Bank of Ghana have shown that the cedi’s depreciation against the dollar for March 2017, is five times more than the rate of depreciation recorded in the same period in 2016. The cedi has depreciated from 0.9 to 5 percent within the twelve months period. Also, in March 2017, the local…
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Align tax cuts to export sector to tame cedi’s fall – Stanbic Bank MD
Bankers have urged government to regulate its tax cut policies on imports in order not to miss out on the need to reduce imports and tame the depreciation of the cedi. In their view, the high imports have partly contributed to the perennial depreciation of the local currency in relation to major international trading ones.…
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Tax cuts to deepen cedi depreciation – GN Research
Some currency analysts have warned that the government’s tax cuts would lead to a further depreciation of the cedi should it fail to stem the side effects of the policy. They contend that the ease in tax burden is an incentive for businesses to expand leading to an increased demand for dollars as a result.…
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Cedi depreciation threatens fuel price stability
The Institute of Energy Security (IES) is predicting a further increase in fuel prices in the first pricing window of March due to the constant depreciation of the cedi. The IES says the depreciation of the cedi is already threatening the stability of fuel prices. The Institute also believes the cedi played a part in…
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Cedi depreciation: BoG defends 120 million dollars auction
The Bank of Ghana (BoG) has justified its 120 million dollars auction for the first quarter of this year to control the depreciation of the cedi. The central bank maintains that the move forms part of measures to protect the forex market from any shocks due to the volatility of the market. “We shall continue…