Commercial banks are worried government is competing with them for dollars locally, following the successful issuance of the first domestic treasury dollar bond, which raised some US$94.6 million. “I disagree with Seth Terkper [Finance Minister] on this action. I think it is a wrong move. This is government competing directly with the banks for dollars,” … Read more
The yield on the Government of Ghana 182-day treasury rate edged up by 0.01 per cent to settle at 24.70 per cent at the auction in the week ending September 23. However, the rest of the yields on the government treasury securities remained unchanged. The government accepted GH¢976.79 million worth of bids for the auction. … Read more
Finance Minister Seth Terkper is optimistic government’s decision to issue its first local dollar denominated bond in the country will yield good results. According to him, there are enough US dollars in the country, to help government meet its target of raising over 50 million dollars locally. Speaking to Citi Business News after a local … Read more
The United States has set in motion a plan to “collapse the Zimbabwean economy overnight” by restricting US dollar imports into the country, The Sunday Mail has gathered. Part of this plot involves violent street protests against the scheduled introduction of bond notes aimed at easing US dollar cash shortages that began in April 2016. … Read more
Government’s decision to re-open a five-year GHC400million domestic bond has bolstered expectations that the cedi will from this week see one of its strongest runs amid rising pressure on the local currency in recent times. This has prompted a flurry of speculations in the market with analysts predicting that the cedi will rally strongly against … Read more
A prolonged shortage of the U.S. dollar, the dominant circulating currency in Zimbabwe, has worsened over the past two weeks as panicky clients queued up at banks to withdraw money, fearing that the greenback might be replaced by a new local currency soon. The long queues, seen daily at most bank branches in the city … Read more
Zimbabwe is so desperate for cash it has cut the retirement age for soldiers from 60 years to 50. Only those who fought in the 1970s liberation struggle are allowed to remain in service until 65. In another cost-cutting measure this week, Zimbabwe freed nearly all its female and juvenile prisoners as it cannot feed … Read more