Tag: cedi
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Cedi depreciates against the dollar by 22.5%
The Bank of Ghana has pegged the depreciation of the cedi to the American greenback at 22.5 percent as of the September 2023. One will now need GHS 11.07 to exchange a dollar on the interbank market. In the Central Bank’s latest Summary of Economic and Financial Data for September 2023, the cedi has also…
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Cabinet, EMT, banks and forex bureaus to meet over depreciating cedi – Oppong Nkrumah
Government has announced plans it says will help end the continuous depreciation of the Ghana cedi. Information Minister, Kojo Oppong Nkrumah says the Governor of the Central Bank, Dr. Ernest Addison will today, October 25, 2022, meet all CEOs of commercial banks and forex bureaus to address the issue. The cedi is currently selling at…
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Gov’t to maintain forex rate at ports to aid traders – Deputy Trade Minister
The government will maintain a fixed exchange rate at the ports for the next three months to cushion traders who import goods into Ghana, Deputy Trade Minister, Michael Okyere Baafi, has said. The dollar rate will be kept at the same level as the Bank of Ghana’s interbank rate. In a response to the protest…
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Local currency crosses ¢10 to one dollar mark on retail market
The local currency has crossed the ¢10 to one dollar mark on the retail market. A visit by Citi Business News to some forex bureau and banks within the capital shows that some are selling a dollar for GH¢9.98 whilst others are selling it for GH¢10.10. According to some of the forex bureau operators, there…
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Local currency to hit GHS7.87 against the dollar by end of 2022 – EIU Report
London-based economic and political analysis firm, the Economist Intelligence Unit (EIU), has predicted that the Ghana cedi will hit GH¢7.87 to $1 by the end of this year. This comes months after the cedi experienced some depreciation against the dollar in the first quarter of the year 2022. Already, data from the Central Bank shows…
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AGI advocates reduction of imports to check cedi depreciation
President of the Association of Ghana Industries, Dr. Humphrey Ayim-Darke, has emphasized the need for government to put in place measures to increase exports and reduce imports into the country. According to him, this will check the rate of depreciation of the Ghana cedi against the dollar. Currently, the Ghana cedi is the worst-performing currency…
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Cedi depreciation in 2020 lowest in fourth republic – Kyei-Mensah-Bonsu
The Minister for Parliamentary Affairs and caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu has touted last year’s performance of the cedi against the other currencies. According to him, the depreciation of the cedi against the dollar in 2020 is the lowest recorded so far in the fourth republic, in spite of the dire effects of the…
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Ghana cedi expected to be stable for the rest of 2021
Senior Economic Analyst with Databank, Courage Kingsley Martey, is confident the cedi will sustain its stability throughout the year 2021. The cedi, which began the year selling at 5 cedis 76 pesewas, has remained strong so far against the US dollar. However, there are concerns that it could come under pressure when the global economy…
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We’ve put enough measures in place to stabilize cedi – BoG Governor
Governor of the Bank of Ghana, Dr. Ernest Addison has expressed confidence in the ability of the local currency to continue with its impressive streak of relative stability in the short to medium term. Compared to the 9.3 percent decline in the value of the Cedi against the US Dollar in the first nine months…
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Reduce imports to maintain stability of the Cedi – Alhassan Andani
The President of the Ghana Association of Bankers, Alhassan Andani is calling for more sustainable measures from the Bank of Ghana to ensure the Cedi’s recent stability continues into the medium to long-term. The currency has performed marginally well from January till now, compared with its peers on the continent. Out of some 15 key…