• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Cedi appreciates against Euro throughout 2021 but ends with 4.1% depreciation rate to the dollar

4 years ago
in Economy, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
184
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Cedi appreciates against Euro throughout 2021 but ends with 4.1% depreciation rate to the dollar

Despite depreciating against the dollar, the cedi, posted some strong gains against the Euro.

The cedi throughout last year appreciated against the Euro recording it’s highest appreciation rate of 4.9% in November.

The cedi’s appreciation rate against the Euro however reduced slightly in the last month of 2021 as it posted a 3.5% rate of appreciation to the Euro.

Against the American greenbuck, the local currency ended 2021 with a depreciation rate of 4.1%.

The recorded 4.1% end-year depreciation rate per data provided in the Bank of Ghana’s January 2022 Summary of Economic and Financial Data report, translates into an exchange rate of GHS 6.01 to the dollar.

Data provided in the report indicate that the fall of the cedi against the dollar begun at the start of the second half of 2021 when it depreciated by some 0.7% against the dollar.

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

This was after months of slight appreciation of the cedi against the world’s strongest currency for the first quarter of 2021.

According to the report, the cedi as at the end of Q1 2021, had appreciated by 0.5% against the dollar after which it was downhill for the local currency.

Read: BoG reiterate commitment to ensuring conducive banking environment

Recording a 0.7% depreciation against the dollar in July 2021, the rate of depreciation against the dollar picked-up with the cedi depreciating by 1.8%, 2.7% and finally 4.1% in September, November and December respectively.

The depreciation of the cedi is despite strong dollar reserves held by the Bank of Ghana (BoG) and the weekly forex auction of dollars by the Central Bank aimed at ensuring that there is sufficient supply of dollars to businesses and hence less pressure on the cedi which usually result in the depreciation of the local currency.

Cedi depreciates against Pounds throughout 2021

In almost a similar fashion to the Euro, the cedi throughout the year depreciated against the Pound Sterling.

The cedi ended 2021 with a depreciation rate of 3.1% to the Pound Sterling, having increased gradually from -0.3% in January 2021 to -2.3% in July and finally -3.1% in December 2021.

Meanwhile for the first month of 2022, the cedi’s depreciation rate against the dollar has been pegged at -0.1%.

It has however, appreciated against the pound and euro by 0.1% and 0.7% respectively.

Source: norvanreports
Tags: Bank of Ghana (BoG)cediCedi ends 2021 with 4.1% depreciation rate to the dollarghana
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.