Tag: Ghana cedi
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Cedi stabilizes against dollar; records 22.1 percent year-to-date depreciation as of July
Ghana’s local currency, the cedi recorded some stability against major trading currency the dollar. The Bank of Ghana reports that the cedi as of July 21, 2023, had a year-to date depreciation of 22.1 percent. The year-to-date depreciation of the cedi to the Euro and Pound stood at 26% and 28.3% respectively. Comparatively, the cedi’s…
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Cedi classified among ‘worst spot returns’ in Africa – Bloomberg
Ghana’s local currency -the cedi has been classified among Africans currencies with the ‘worst Spot Returns. This is according to a Bloomberg report. On the World Currency Ranker the cedis performance placed 17th, depreciating by 11.21 percent. According to Bloomberg although the cedi lost about 11.21% to the US dollar in the first quarter of…
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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 becomes world’s best performer ahead of anticipated IMF bailout – Bloomberg
The Ghana Cedi, has outperformed all other global currencies against the US dollar over the past six months, buoyed by investor confidence in the country’s potential approval for a US$3 billion bailout from the International Monetary Fund (IMF). According to Bloomberg’s currency tracker, the Cedi’s remarkable 33% gain since November marks the highest among approximately…
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BoG cautions against use of Ghana Cedi for bouquets and hampers
The Bank of Ghana has cautioned Ghanaians against the use of cedi banknotes as bouquets and hampers when gifting people. According to Bank, the currency was issued to be used as a medium of exchange for the purchase of goods and services and not for gifting people. Addressing the media on how to preserve the…
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BoG assures of enhanced educational campaigns to ensure proper handling of local currency
The Bank of Ghana has assured that it will continue to put in place measures to ensure the proper handling of Ghana’s local currency notes. This the Bank notes has risen due to the upsurge in the number of worn-out currencies in circulation, hence the need to embark on rigorous processes to save the currency…
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Ghana misses restructuring target in blow to ailing currency
Ghana’s cedi, the world’s second-worst performing currency this year, is heading for more pain after the West African nation missed a self-imposed deadline to restructure its bilateral debt and move closer to tapping foreign aid. Finance Minister Ken Ofori-Atta wanted to reach a restructuring agreement with bilateral creditors by the end of February to help…
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Debt-ridden Ghana’s Cedi posts world’s biggest gain against US Dollar
Ghana’s currency took the title of the world’s best performer against the dollar this week amid optimism the debt-distressed country is moving closer to unlocking an International Monetary Fund bailout. The cedi has rallied 10% in the past five days, the biggest advance among about 150 currencies tracked by Bloomberg. That’s a turnaround for an…
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Cedi loses 53.8% of its value as gov’t adds GH¢93bn debt in 2022
Ghana’s Cedi has declined by 53.8% in value against major currencies, since the beginning of 2022, Finance Minister Ken Ofori-Atta has said. Presenting the 2023 Budget in Parliament on Thursday, Mr. Ofori-Atta blamed the demand for foreign exchange as one of the reasons for the decline of the cedi. “The demand for foreign exchange to…
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Poor handling of COVID-19 by U.S sees Pound strengthening against Dollar, Cedi and others
Despite the impressive performance of the Ghana Cedi against its major trading currency the U.S Dollar in the past few years, the currency appears to be struggling against the British Pound Sterling and the Euro. Although the Cedi in 2019 lost nearly 13 percent of its value against the US dollar, the performance blights the…