• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
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 records 4.7% depreciation rate against the greenback

3 years ago
in highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
154
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Cedi records 4.7% depreciation rate against the greenback

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.

The Zambian kwacha which was one of the top performing currencies in Africa in 2021, surprisingly, is the worst so far this year. It has declined in value by 11.29% to the dollar.

Analysts have attributed the cedi’s problem to upside risks to the economy including high debt and interest payments, inadequate revenue and rising expenditure.

This has led to selling pressures by investors in Ghana’s international bonds and the lack of access to the international capital markets.

To this end, credit rating agencies, Moody’s and Fitch reviewed Ghana’s credit worthiness downwards.

RelatedPosts

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

The revised credit rating has however complicated Ghana’s capacity to borrow from the international bond market, whilst paying higher interest or premium on existing bonds to investors.

Read: Lands Ministry to revoke license of community mining firms employing foreigners

Meanwhile, the conditions that triggered the persistent depreciation of the cedi during the latter part of last year – 2021 – is expected to  persist till the end of the first half of 2022, a Databank Research has projected.

The local currency, it said, remains vulnerable to foreign portfolio outflows amidst the elevated import demand.

The heightened uncertainty around Ghana’s fiscal outlook worsened the local currency’s woes in the latter part of 2021.

“We expect these conditions to persist in first-half of 2022 in addition to corporate import demand as Ghana’s economy rebounds”, it said.

Again, the low prospect of an early-2022 Treasury issuance on the international capital market also exposes the cedi to depreciation pressure in the first half of this year.

Top performing currencies in Africa:

CURRENCYYEAR-TO-DATE PERFORMANCE    RANKING
South African rand4.56%1st
Namibian dollar4.49%2nd
Botswana pula1.76%3rd
Uganda shilling0.84%4th
Egypt Pound0.02%5th
Coted’lvoire CFA0.00%5th
Malawi kwacha0.00%5th
Tunisia dinar0.07%8th
Tanzania shilling-0.01%9th
Kenya shilling-0.43%10th
Mauritius rupee-0.43%10th
Nigerian naira-0.82%12th
Morocco dirham-1.18%13th
Ghana cedi-4.70%14th
Zambian kwacha-11.29%15%

Tags: Bank of Ghana (BoG)Cedi records 4.7% depreciation rate against the greenbackghana
No Result
View All Result

Highlights

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

Trending

Business

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

August 4, 2025

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana The Criminal Investigations Department (CID)...

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

August 4, 2025

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

August 4, 2025

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

August 4, 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 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

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.