Tag: depreciation
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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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Cedi depreciates by 21.7% to dollar in May 2023 – BoG
Ghana’s local currency, the cedi depreciated by 21.7 percent to the dollar in May 2023 compared to the depreciation rate of 15.9% recorded in May 2022. The cedi also lost its value by 24.6 percent to the pound and 23.2 percent to the euro for the same period on the interbank bank foreign exchange market.…
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Cedi may not depreciate significantly for the rest of 2020 – Economist
An economic analyst with Databank, Courage Kwesi Boti has said he does not expect the cedi to depreciate significantly against major trading currencies at least for the remainder of the year. The local currency witnessed a 2.53 percent depreciation against the dollar from January to July 2020. A look at the performance of the local…
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BoG accepts less than 50% of bids in last dollar auction in June
The Bank of Ghana in its last auction of forex in June, received 33% of the total amount of dollars dealers bid for. The total bids were also about three times lower than the figure offered by the dealers. For the last auction in June 2020, the Forex Auction Committee of the Bank of Ghana…
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Cedi has been stable for past three years – Finance Ministry
The Director of Financial Sector Division at the Finance Ministry, Sampson Akligoh insists that the Ghana Cedi has enjoyed stability for the past three years. The Ghana cedi has over the years been a subject of serious debate among political actors as it performed poorly against major currencies such as the US dollar. Citing the…
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Cedi stabilises amidst festive season blues
Checks by Citi Business News have shown that the cedi has experienced relative stability against some major trading currencies for the past two weeks. The cedi which normally depreciates at a fast rate around the festive season has since the 23rd of November remained at 4 cedis 41 pesewas on the interbank foreign exchange market…