• 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

Economist warns of further depreciation in cedi

4 years ago
in Business, Economy, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
75
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Economist warns of further depreciation in cedi

The local currency is expected to experience further depreciation in the remaining months of the year.

The expected depreciation of the cedi against the greenback follows a recent period of weakening of the local currency.

The cedi begun the year 2021 trading at Ghs 5.76 pesewas to the dollar continuing its stability into the middle of the year with no depreciation recorded even as of June 2021.

The cedi, however, started depreciating against the dollar in July and August as the local currency lost almost 2 percent of its value due to factors like the rising level of imports among others which put pressure on the local currency.

Speaking on the year-to-date performance of the cedi against the dollar, economist with investment firm, Databank, noted that he expects further modest depreciation in the cedi in the coming months.

“Looking at the amount of pressure on the currency already and looking at the size of the external factors for Ghana until the end of the year, we see scope for some more depreciation, albeit modest depreciation before the end of the year. So from where we are it would not be out of place to see the Cedi recording some more depreciation.”

RelatedPosts

Bright Simons Questions Policy Rationale Behind Communications Minister’s Demand for 30% DSTV Price Cut

Public Transport Fares to Rise by 20% From August 8 

Shipping Giant, Maersk ends Direct US Trade Route to Africa’s Largest Economy

“First of all if you look at the fact that by the end of this year we still expect to record a current account deficit in the region of 3%, and we still are looking at an inflation rate although in single digit this year, but above 8 percent. These indicators show that there is scope for the depreciation of the Cedi beyond where we are today,” he stated.

Read This: Cedi overvaluation abated – RMB Milk Index

Meanwhile, a move by the Bank of Ghana to increase the amount of dollars on offer in its forward auction to $75 million last week, was not enough to arrest the cedi’s decline.

The cedi has been under pressure as a result of increased demand for the greenback amid a broader uptick in business activity as the economy recovers from the Covid-19 pandemic.

The Cedi on Monday depreciated further sliding to just under 6.04 to the dollar from 6.02 at last Friday’s close, reaching its weakest level against the dollar in 12 months.

Tags: Bank of Ghana (BoG)COVID-19 pandemicdepreciationEconomist warns of further depreciation in cedi
No Result
View All Result

Highlights

Africa’s Biggest Stock Exchange Considers Extending Trading to 24 Hours

Lewis Hamilton’s Future at Ferrari in Question After Tough Hungarian GP

Transfer DealSheet: Latest on Benjamin Sesko, Nicolas Jackson and More

Gov’t Targets 650,000 Tonnes of Cocoa Production for 2025/26 Crop Season, Eyes 1 Million Tonne Output in the Long-term 

Shoprite to Exit Ghana and Malawi Sharpening Focus on Core South African Market

Gold Fields Forecasts Total Gold Production of 2.4 Million Ounces for 2025

Trending

Features

Bright Simons Questions Policy Rationale Behind Communications Minister’s Demand for 30% DSTV Price Cut

August 5, 2025

Bright Simons Questions Policy Rationale Behind Communications Minister’s Demand for 30% DSTV Price Cut Renowned public policy...

Public Transport Fares to Rise by 20% From August 8 

August 5, 2025

Shipping Giant, Maersk ends Direct US Trade Route to Africa’s Largest Economy

August 5, 2025

Africa’s Biggest Stock Exchange Considers Extending Trading to 24 Hours

August 5, 2025

Lewis Hamilton’s Future at Ferrari in Question After Tough Hungarian GP

August 5, 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.