• 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’s year-to-date depreciation against greenback pegged at 22.1% as of July 2023

2 years ago
in Business, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
105
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Cedi’s year-to-date depreciation against greenback pegged at 22.1% as of July 2023

The Ghanaian cedi displayed remarkable stability against the US dollar in June 2023 and has continued its positive trajectory into July 2024, underscoring the success of the International Monetary Fund (IMF) programme on the nation’s economy.

According to data released by the Bank of Ghana, the Year-To-Date depreciation of the cedi stood at 22.1% as of July 21, 2023. Notably, this figure shows marginal fluctuations from the preceding months, recording 22.1% in March 2023, 21.7% in April 2023, 21.8% in May 2023, and 22.0% in June 2023.

Following a period of uncertainty in the initial months of 2023, marked by cedi instability, the local currency exhibited resilience against major foreign currencies, with the pound and euro witnessing a loss in value of 28.3% and 26%, respectively, as of July 2023.

Presently, on the retail market, the cedi trades at ¢11.70 against the US dollar, and ¢11.00 on the interbank market. However, a Bloomberg report reveals that the cedi has experienced a loss of about 14% on the retail market.

Analysts forecast a fairly stable outlook for the cedi on the forex market, driven by anticipated positive outcomes from the Mid-Year Budget Review this month and a successful evaluation of the International Monetary Fund programme. Such developments are expected to set the tone for the cedi’s trajectory in the latter half of 2023.

Last week, the cedi experienced marginal weakening against major currencies, with a 0.21% depreciation week-on-week against the US dollar, and 0.33% and 1.57% depreciation against the pound and euro, respectively. Factors contributing to this slight decline included poor forex liquidity and increased demand pressures. The Bank of Ghana refrained from intervening in the spot market, providing no support.

RelatedPosts

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

GSE Opens Week Higher as CPC Posts First Gain of 2025

Despite this, the cedi is expected to find some cushion against volatility with an expected $20 million in bi-weekly forex support to Bulk Oil Distributors.

As Ghana continues to navigate its economic path, the stability of the cedi against the US dollar provides a reassuring signal of progress, while potential headwinds from major currencies necessitate a cautious approach in maintaining the positive momentum.

Tags: cediCedi's year-to-date depreciation against greenback pegged at 22.1% as of July 2023dollarEuroPounds
No Result
View All Result

Highlights

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

Ghana Pledges Gold Sector Reforms Ahead of Critical FATF Evaluation

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

Trending

Features

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

August 26, 2025

Premier League: Ngumoha’s Late Goal Seals Liverpool's Thrilling Win Over Newcastle Liverpool triumphed 3-2 over Newcastle United...

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

August 26, 2025

GSE Opens Week Higher as CPC Posts First Gain of 2025

August 26, 2025

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

August 26, 2025

Ghana Pledges Gold Sector Reforms Ahead of Critical FATF Evaluation

August 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.