Ghana’s local currency, the Ghana cedi ended the first quarter of this year with a depreciation rate of 2.52 per cent to the US dollar. This is against a depreciation rate of 2.80 percent at the end of January 2017 and 6.2 per cent at the end of March 2017. Many analysts are optimistic the … Read more
By Jerry. J.Afolabi As the normal principle of economics says, when a domestic currency depreciates it makes the prices of goods and services decline compared to the international prices. This causes an increase in exports and makes it competitive which will eventually increase production and employment to surge growth in the entire economy. Unfortunately, it … Read more
The decision by the Bank of Ghana to release about $120 million into the economy has been lauded by the General Manager of Gold Coast (GC) Brokerage as a step in the right direction. “That should in some way help stabilise the cedi because the rate at which it is depreciating is quite alarming”, Afreh … Read more
The Cedi recorded a week-on-week (WoW) depreciation of 1 percent against the USD. It opened at a price of GH¢4.1105/$ but closed at GH¢4.1521/$ reflecting YTD depreciation of 8.60%. This compares with YTD depreciation of 15.55% for the same period in 2015. The Cedi also recorded a WoW depreciation of 1.11% against the Euro. It … Read more
The cedi could be in for its toughest test this time in the year, as seasonal demand for the US dollar by importers, and the uncertainties surrounding the impending elections have begun to unsettle it somewhat. At a year-to-date depreciation of 4.6 percent, the careworn currency has demonstrated rare resilience, but an analysis of the … Read more
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 … Read more
Some currency analysts have downplayed a significant depreciation of the cedi, against major trading currencies anytime soon, due to an increase in corporate dollar demand. One of such is the General Manager of Treasury at HFC Bank, Joseph Nketsia. He tells Citi Business News, the coming on board of the cocoa syndicated loan by the … Read more