Tag: Cedi Performance
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Cedi weakens against the dollar in October after months of relative stability
This week, the dollar has made a slight gain, by a few pesewas against the Bank of Ghana’s rate. According to the interbank forex rates from the Central Bank, the cedi is currently trading at GHS 11.13 against the dollar as of Monday, October 2, 2023. Despite widespread projections of cedi stability, currency analysts assert…
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Stakeholders confirm improvement in performance of the cedi
The government’s announcement to inject two billion dollars into the economy to strengthen the Ghana cedi against the other currencies, especially the dollar, appears to be having the intended impact on the performance of the cedi. Recent reports from Bloomberg show that the cedi depreciated by 18.21 percent in the first quarter of this year.…
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Annerquaye Abbey writes: Why the cedi’s appreciation is good for Ghana’s public debt
The cedi’s battle against the US dollar has always been one-sided – with the local currency’s struggles well documented. It is almost certain that any news report on the cedi has always focused on how much of its value it has lost against the US dollar, occasionally interspersed with bouts of positive performance. Although the…
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Bank of Ghana introduces new Ghc200, Ghc100 notes
The Bank of Ghana has introduced GH¢100 and GH¢200 notes to the country’s currency denomination mix. It has also introduced a GH¢2 coin. This was announced by the Governor of the Central Bank, Dr. Ernest Addison at a press conference in Accra on Friday. Explaining the rationale for these new denominations, the Governor said the…
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Cedi records worst half year performance since 2015
The local currency has recorded its worst half-year performance since 2015, according to data from the Bank of Ghana interbank exchange market. As at June 29 this year, the cedi has depreciated by 8.2 percent, the worst since the local currency recorded 26.2 percent depreciation in 2015. This year’s performance was characterised by a very…