• 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 highlights

Cedi depreciates 9% on retail market

4 years ago
in highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
122
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Cedi depreciates 9% on retail market

The local currency has depreciated by some nine percentage points (9%) on the retail market.

On the interbank market, the cedi has depreciated by some three percentage points (3%).

This, analysts and currency traders have described as a mixed performance of the local currency with few days to the end of 2021.

Compared to that of last year, the performance of the cedi has been slightly worse, marginally beating forecasts of analysts.

The depreciation of the cedi is despite increased dollar inflows from the Bank of Ghana as well as remittances from abroad in the last few weeks to end the year.

Senior Currency Analyst at Databank Research, Courage Martey, has noted in an interview stated, “The cedi’s performance in 2021 can be said to be that of a mixed performance; if you look at the trend in 2021 and if you compare the full year performance in 2021 and full year performance in 2020.”

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

“Now in 2020, the average depreciation across the interbank and retail market was about 3%. This year we’ve had a bit of divergence in this performance levels, so that on the interbank market average performance currently is around 3%, but on the retail market it depreciated significantly and we are doing currently 9% year-to-date”, he pointed out.

According to Mr. Martey, the volatility of the currency this year makes it difficult to predict the outlook of the local currency.

“So that divergent, that spread emphasizes the volatility or the pressure that the currency endured in the second half of this year and mostly the 4th quarter of this year. And that made it very difficult for us to see clearly what the outlook is for the cedi.”

Cedi currently trading at GHS 5.97 on interbank market and GHS 6.37 on retail market

The cedi is presently selling at GHS 5.97 to the dollar on the interbank market but going for GHS 6.37 on the retail market.

In November, 2021, the Ghana cedi was classified among African currencies with the ‘Worst Spot Returns, according to 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 US dollar and the exit of the country’s bond by some foreign investors however put pressure on the local currency.

Tags: Bank of Ghana (BoG)cediCedi depreciates 9% on retail marketghanainterbank foreign exchange market
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 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.