Tag: Cedi Depreciation
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Mixed reactions meet BoG’s $ 120m auction
There are mixed reactions over the Bank of Ghana’s decision to auction 120 million dollars to commercial banks between January and March this year. A calendar issued by the central bank said it will auction 40 million dollars monthly, to the commercial banks between the three month period. The move follows a similar one carried…
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Importers, exporters demand stable cedi for business
The Importers and Exporters Association of Ghana want the new government to put in stringent measures to stabilize the cedi at least within the first quarter. According to the association, the stability of the cedi is key as it will sustain the efficient running of their businesses. In an interview with Citi Business News, the…
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Dollar auction may least control cedi depreciation – Economist
As the Bank of Ghana prepares to commence its first dollar auction to banks through a competitive bid, some financial observers have stated that the regulations guiding the process may put excess pressure on the banks. “You could clearly that the move by the central bank is to try to influence the banks’ rate in…
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Bank treasurers blame cedi depreciation on increased retail demand
Treasury units of commercial banks have attributed the current marginal depreciation of the cedi to an increase demand by retailers ahead of the festive season. According to them, the need for retailers to meet their payment obligations has increased demand without an equal measure in supply of dollars. “For the past two weeks, the cedi…
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Election blues to impact cedi minimally – Analyst
The activities of speculators which cause the cedi to depreciate against some major trading currencies may have minimal impact on the currency as the elections approach. This is the position of some currency analysts. The comments come on the back of concerns among some industry watchers of possible distortions to the cedi’s performance ahead of…