#GhanaCurrency

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BoG Authorises Black Star Brokerage, 8 Others To Operate On Ghana Interbank FX Market

BoG Authorises Black Star Brokerage, 8 Others To Operate On Ghana Interbank FX Market

The Bank of Ghana has given authorisation to nine FX (Foreign Exchange) Brokers to operate on the Ghana Interbank FX market, effective January 01, 2023 to December 31, 2023. They are Black Star Brokerage, CSL Capital, Fenics MD, ICAP African Brokers Ltd, Obsidian Acherner, Regulus, Sarpong Capital, Savvy Securities and Terika Financial Services Ltd. The move is to ensure sanity in the FX market…

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Ghana Cedi Appreciates By 3.9 % To GH¢9.3 Per Dollar

Bloomberg’s currency dashboard has pegged $1.00 to ¢10.00, solidifying the cedi’s position as the best performing currency against the dollar in the month of December 2022. Within a span of two weeks, the cedi has regained more than 40% of its lost value since the arrival of the International Monetary Fund’s team in Accra on December 1. According to Bloomberg’s currency dashboard, the forex…

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S&P Global Downgrades Ghana's Long-term Local Currency Bonds & Foreign Currency Debt

S&P Global Downgrades Ghana’s Long-term Local Currency Bonds & Foreign Currency Debt

S&P Global downgraded Ghana’s long-term local currency bonds to “selective default” and cut the country’s foreign currency debt to “CC” from “CCC-plus,” with default a “virtual certainty,” the ratings agency said in a Tuesday statement. S&P said Ghana’s proposed local debt swap is a “distressed exchange offer,” earning those bonds the “selective default” rating, while the foreign currency bonds…

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Farmer In Ivory Coast Who Produces 1/3 Of World’s Cocoa, Make UD$9 per day

Farmer In Ivory Coast Who Produces 1/3 Of World’s Cocoa, Make UD$9 per day

Ghana and Cote d’Ivoire are the most producers of cocoa in Africa now, almost everyone knows that Africa supplies most of the raw materials that power the world. In the case of cocoa, just two countries in Africa produce 60% of all of the world’s cocoa beans. Farmers in Ghana and Cote d’Ivoire do the back-breaking work of planting, harvesting, and drying the cocoa beans that bring to chocolate…

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Ghana Cedi Slumps To World’s Worst Performing Currency – Bloomberg

Ghana Cedi Slumps To World’s Worst Performing Currency – Bloomberg

Cedi depreciated as much as 3.3% on Monday to the US dollar Ghana negotiating about $3 billion program with the IMF Ghana’s cedi slumped to become the world’s worst-performing currency this year as investors continued to squeeze foreign capital to the west African country before a deal with the International Monetary Fund. The currency of the world’s second-biggest cocoa producer depreciated…

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Ghana Cedi Now The Worst Performing Currency In Africa– Bloomberg.

Ghana Cedi Now The Worst Performing Currency In Africa– Bloomberg.

Ghana’s currency extended its decline Wednesday, heading for its worst weekly drop in more than three years before an emergency central bank meeting to decide on borrowing costs. The cedi dropped 1.1% at 11:03 a.m. in Accra, extending its fall this week to 5.2%. That’s the worst decline since the seven-day period ending March 29, 2019. The measure has plunged 35% this year making it the world’s…

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Ghana Cedi Has Fallen By 15.8% YTD – BoG

Ghana Cedi Has Fallen By 15.8% YTD – BoG

Bank of Ghana Governor Ernest Addison has said developments in global capital markets, combined with internal challenges that resulted in the rating downgrade of Ghana’s economy, have played out to exacerbate price and exchange rate pressures in the domestic economy. The Ghana cedi, he noted, came “under severe pressure in the first quarter of 2022 as offshore investors exited positions in…

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Ghana Cedi Has Fallen By 15.8% YTD – BoG

Ghana Cedi Has Fallen By 15.8% YTD – BoG

Bank of Ghana Governor Ernest Addison has said developments in global capital markets, combined with internal challenges that resulted in the rating downgrade of Ghana’s economy, have played out to exacerbate price and exchange rate pressures in the domestic economy. The Ghana cedi, he noted, came “under severe pressure in the first quarter of 2022 as offshore investors exited positions in…

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Ghana Starts Gold Purchase Programme To Strengthen Currency

Ghana has started a bulk purchase programme to buy gold locally to raise the gold component of its reserves, Central Bank Governor Ernest Addison said on Tuesday, in a bid to strengthen the cedi currency without increasing inflation. “We have started a bulk purchase program, domestic, where we buy gold locally and try to raise the gold component in our level of reserves. This is where the…

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Ghana Spent GH¢179 mln (US$23 mln) To Print Cedi Notes In 2021 – BoG

Ghana Spent GH¢179 mln (US$23 mln) To Print Cedi Notes In 2021 – BoG

The Bank of Ghana’s 2021 Audited Financial Statement has revealed that it spent ¢179 million to print more cedis. This is, however, far lower than the ¢347.8 million used in 2020. According to the statement, ¢25.26 billion of cash was in circulation in 2021, compared with ¢23.3 billion in 2020. This comprised ¢24.89 billion notes and ¢365,113 million coins. In terms of the notes in…

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Bank Of Ghana Adopts Retail Token-based Digital Currency

Bank Of Ghana Adopts Retail Token-based Digital Currency

The Bank of Ghana has adopted a retail token-based central bank digital currency (CBDC) as the ‘eCedi of choice’, which enables the currency to be stored locally on a card, on a phone, or a smart device and can be passed on from one user to another. The retail CBDC is digital cash that is designed to take on most traditional attributes of physical cash, as well as have other additional…

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GhanaCedi Hits 7-year low; Value Depreciates By 17% mid-March, Now Trading At GH¢7.1 To The Dollar

GhanaCedi Hits 7-year low; Value Depreciates By 17% mid-March, Now Trading At GH¢7.1 To The Dollar

The cedi has fallen into an unprecedented depreciation against its major trading counterparts, particularly the United States dollar, as analysis of the data shows it has seen its worst performance in the past seven years. According to daily interbank FX rates (the day’s weighted average) published by the Bank of Ghana, as of March 15, 2022, the cedi has plunged 17.1 percent against the US…

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Ghana Cedi Depreciates 14.21% To dollar Since January 1st

Ghana Cedi Depreciates 14.21% To dollar Since January 1st

The rate of depreciation of the Ghana cedi I doubled within just a week or only the first week of March to 14.21%, since the beginning of the year. This was against 7.6% recorded at the end of February 2021. The decline in value of the cedi still ranked it as the worst performing among Africa’s top performing currencies. Several factors including perceived risks in the Ghanaian economy, as a…

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Ghana Cedi Records – 4.70% To dollar In 45 days

Ghana Cedi Records – 4.70% To dollar In 45 days

The Ghana cedi has depreciated by 4.70% to the US dollar with only 45 days into the year, as pressure mounts on the local currency. This ranks it the second worst performing currency in Africa, among 15 top performing currencies. It is presently trading at ¢6.60 to one US dollar on the forex market. The Zambian kwacha which was one of the top performing currencies in Africa in 2021,…

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Ghana Cedi Ranked Among African Currencies With ‘Worst Spot Returns’ – Bloomberg

Ghana Cedi Ranked Among African Currencies With ‘Worst Spot Returns’ – Bloomberg

With barely five weeks to end the year, the Ghana cedi has come under intense pressure and is being classified among African currencies with the ‘Worst Spot Returns’. It’s now ranked 14th among 20 top African currencies tracked by Bloomberg.  It was actually the best performing currency in Africa in the first quarter of 2021. A combination of factors including increased corporate demand for the…

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Ghana Cedi Depreciates By 2.6% To Dollar In almost 11-Months of 2021 – BoG

Ghana Cedi Depreciates By 2.6% To Dollar In almost 11-Months of 2021 – BoG

The Ghana cedi has depreciated by 2.6% in almost 11 months of this year, heading towards a record performance, data from the Bank of Ghana has revealed. This is compared with 1.7% depreciation in the first 7-months of 2021. The Central Bank pegged the rate of the cedi to the dollar at ¢5.91, though it is trading at about ¢6.26 on the interbank forex market. However, the rate of depreciation of…