• 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 Business

Cedi records 7% YTD value loss against dollar; ranks as Africa’s 3rd worst-currency

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
194
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Cedi records 7% YTD value loss against dollar; ranks as Africa’s 3rd worst-currency

The cedi has lost some seven percentage points in value to its anchor currency the dollar since the beginning of the year.

The loss in value to the greenback has made it the third-worst currency on the African Continent according to Bloomberg.

Market analysts expect the local currency to continue to weaken despite the International Monetary Fund’s $3 billion bailout following the country’s 2022 default.

Kweku Arkoh-Koomson, an economist with Databank is forecasting the cedi to weaken to GHS 13.7 per dollar by the end of the year.

Data compiled by Bloomberg indicates that the Cedi traded almost unchanged at 12.9267 per dollar at 10:41 a.m. in Accra on Monday, March 18, 2024.

Ghana has secured workouts with its domestic and official creditors but is still trying to hammer out a deal with eurobond investors. And while the country’s international reserves have improved to a 10-month high of $5.9 billion in December, they remain too thin to effectively defend the currency.

RelatedPosts

Why Women Must Be Involved In Building Flood Resilience

African Development Bank Group and Michael Bloomberg to Drive Private Investment into Africa

Bitcoin Drops to $109K as Crypto Market Loses $200 Billion

“Those are weak reserve levels that no one expects to support currency stability,” said Courage Boti, an economist at GCB Capital Ltd who said the cedi would have fallen further already if Ghana had not suspended foreign debt payments.

“Moreover, elections this year is a big risk in terms of foreign exchange demand pressure,” he added.

“One of the policy priorities of the central bank under the IMF program is to rebuild foreign reserves. This means Bank of Ghana will not necessarily intervene in the market the way it should, but just to smoothen volatilities,” Kweku Arkoh-Koomson further noted.

 

with files from Bloomberg…

Source: norvanreports
Tags: Africa's 3rd worst-currencycediCedi records 7% YTD value loss against dollar; ranks as Africa's 3rd worst-currencydollar
No Result
View All Result

Highlights

AI in Africa: 5 Issues That Must be Tackled for Digital Equality

ECG Posts Record Monthly Revenue of GHS 1.74bn for July

IMF Urges Lebanon to Deepen Reforms Amid Fragile Rebound and Banking Sector Challenges

GCB Bank Outlines Post-IATF Path to Powering Africa’s Trade Future

AGI Raises Alarm Over Weak Consumer Demand Despite Signs of Economic Recovery

Lead, Mercury Found in Turmeric, Tom Brown and Others – FDA Report

Trending

Features

Why Women Must Be Involved In Building Flood Resilience

September 26, 2025

Why Women Must be Involved in Building Flood Resilience Women carrying children through chest-deep waters, families watching...

African Development Bank Group and Michael Bloomberg to Drive Private Investment into Africa

September 26, 2025

Bitcoin Drops to $109K as Crypto Market Loses $200 Billion

September 26, 2025

AI in Africa: 5 Issues That Must be Tackled for Digital Equality

September 26, 2025

ECG Posts Record Monthly Revenue of GHS 1.74bn for July

September 26, 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.