Business
Cedi-dollar depreciation for first four months of 2024 nears 10%
The depreciation of the Ghanaian cedi against the US dollar continues its upward trend on the commercial forex market, with the loss in value nearing 10% for the first four months of 2024. Since the beginning of the year, the cedi has experienced marginal depreciation marking a year-to-date depreciation of approximately 9.37%. However, this marks […]
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Featured
Ghana’s dependence on IMF, World Bank, a lazy man’s approach – IEA
Dr. John Kwakye, the Director of Research at the Institute of Economic Affairs (IEA), has criticized the Akufo-Addo government for its dependence on funds from the International Monetary Fund (IMF), World Bank, and other donor agencies to strengthen the local currency. He labelled the government’s heavy reliance on foreign aid, including Eurobonds and cocoa syndicated […]
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Business
Addison explains why Ghana’s economy is growing but the Cedi is depreciating
Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has explained why the local currency, the Cedi depreciated against the major trading ones, the Dollar, Pounds, and Euros, at a time when the local economy was expanding. Recently, the Government Statistician, Professor Samuel Kobina Annim announced that Ghana’s economy grew by 2.9% in 2023, […]
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Business
Cedi Largely Stabilised Since 2023
The Minister of Finance, Dr. Mohammed Amin Adam, has said the Cedi has been largely stabilised since early 2023 against the major trading currencies. According to him, the cedi cumulatively
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Business
Cedi continues to recover its value despite seasonal pressures – Governor Addison
Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said that the foreign exchange market came under some seasonal pressures in February and early March 2024. However, he said, the Ghana cedi continues to recover its value. The pressures, he explained, emanated mainly from the strengthening of the United States dollar in international […]
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Business
Cedi Continues To Recover Value
The foreign exchange market though came under some seasonal pressures in February and early March this year, the local currency continues to recover its value. According to the Bank
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Business
$3bn IMF bailout: Ghana on course to meet targets – Amin Adam
The Finance Minister, Dr Mohammed Amin Adam, has announced that Ghana is making significant progress towards achieving the targets outlined in the 3-year, US$3bn IMF Supported Post Covid-19 Programme for Economic Growth (PC-PEG). During his first monthly press briefing on the economy in 2024, held on Tuesday, Dr Amin Adam disclosed, “The Ministry of Finance […]
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Business
Cedi has largely stabilized since 2023 – Amin Adam
The Ministry of Finance has emphasized the progress of the cedi since 2023, asserting that the currency has exhibited stability against major currencies. Finance Minister Dr. Mohammed Amin Adam highlighted this achievement during the Ministry’s Monthly briefing in Accra on Tuesday, March 26, 2024. Dr. Adam pointed out that from February to December 2023, the […]
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Business
Cedis is relatively stable in Q1, we expect stability to continue – BoG Boss
Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said that the Cedi was relatively stable in the first quarter of 2024 against the major trading currencies, especially the Dollar. He says they expect the stability to continue. Answering questions at the 117th Moneyray Policy Committee (MPC) press conference in Accra on Monday […]
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Editorial
Editorial: Cedi’s continued volatility raising concern
Heightened corporate demand and persistent foreign exchange (FX) pressure has seen the local currency plummet against major trading currencies, reflecting mounting concerns over inflationary pressure and liquidity dynamics. This is despite the over US$106.10million injection into the FX market through the Bank of Ghana’s (BoG) spot market operations, and bulk oil distribution companies (BDCs). Corporate […]
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Economy
Cedi’s woes cast doubt on economy’s future
as inflation eats away 92% of currency’s value since 2007 The cedi’s struggle to maintain value beyond the short term continues to raise concerns about the economy’s long-term transformation, financial expert Adjei Boateng has said. Mr. Boateng, a chartered financial analyst (CFA), highlighted the cedi’s significant devaluation, losing 91.6 percent of its value since the […]
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Economy
Trade expert predicts cedi stability; calls for prudent economic management in 2024
With misfortunes of the early 2020s finding their way into 2023, it is not uncommon for people to predict continued economic hardship in the new year of 2024. Two weeks into the new year and the Gaza Strip war has already escalated to epic proportions. Thus, it is not strange to expect doom on the […]
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