• 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

Fitch Solutions project modest gains for the cedi in the coming months

3 years ago
in Business, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
63
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Fitch Solutions project modest gains for the cedi in the coming months

Research agency, Fitch Solutions, has projected modest gains for the Ghana cedi against the dollar in the coming months.

The local currency experienced some shocks in the first three months of 2022, making it the worst performing currency on the African continent during the period.

But the recent monetary policy actions by the Bank of Ghana and fiscal measures from the Finance Ministry appears to be yielding results.

The Monetary Policy Committee of the Bank of Ghana increased the policy rate – the rate at which it lends to commercial banks – by 2.5% per cent to 17% in March 2022, the first time since November 2018.

The Central Bank also announced measures for commercial banks including increased cash reserve to 12%, whilst the Capital Conservation Buffer was also reset to the pre-pandemic level of 3% making the Capital Adequacy Ratio a total of 13%.

The Finance Ministry also announced fiscal measures to restore confidence in the economy. They included additional 10% cut in discretionary spending, 50% cut in fuel coupon allocations for all political appointees and heads of government institutions, moratorium on the purchase of imported vehicles for the rest of the year and moratorium on all foreign travels, except pre-approved critical/statutory travels.

RelatedPosts

Government Orders Flags at Half-Mast as Nation Mourns Defence, Environment Ministers & Others in Helicopter Crash

Defence Minister and Environment Minister Among 8 Confirmed Dead in Military Helicopter Crash

Serie A Players Face 25% Pay Cut if Relegated Under New Agreement

Read: Asia growth slows on commodities, covid and rising interest rates

Speaking to Joy Business, Analyst with the Sub Sahara African Department at Fitch Solutions, Ben Weaver said the outlook of the cedi is promising.

“Our outlook for the cedi, I think we’ve seen quite a lot of weakening in the first few months of this year. But we expect modest appreciation to kind of continue in the coming months and to the end of the year as much of the weakening has already happened.”

“But this will of course increase inflationary pressures. But we don’t expect inflation to accelerate too much high the way it is”, he explained.

He further said that “Ghana’s inflation rate accelerated quite aggressively and this is due to rising gold price and the weakening of the cedi”.

The local currency is currently going for GHS 7.45 to the dollar on the forex market.  

Its year-to-date depreciation to the American ‘greenback’ is about 15.56%.

Tags: Bank of Ghana (BoG)Fitch Solutions project modest gains for the cedi in the coming monthsghana
No Result
View All Result

Highlights

Osaka and Keys Advance to Quarter-Finals at Canadian Open

Ghana Armed Forces Helicopter Crashes in Adansi Akrofuom, 8 Feared Dead 

Cedi Appreciation Triggers 50% Drop in Remittance Inflows

Inflation Drops 160 basis points to 12.1% in July, Lowest Rate Since October 2021

Kwaku Azar Writes: Is Another SML Brewing at GACL?

GRA Refutes NIA’s Debt Claims, Cites Lack of Regulatory Approval and Service Agreement

Trending

Features

Government Orders Flags at Half-Mast as Nation Mourns Defence, Environment Ministers & Others in Helicopter Crash

August 6, 2025

Government Orders Flags at Half-Mast as Nation Mourns Defence, Environment Ministers & Others in Helicopter Crash Ghana...

Defence Minister and Environment Minister Among 8 Confirmed Dead in Military Helicopter Crash

August 6, 2025

Serie A Players Face 25% Pay Cut if Relegated Under New Agreement

August 6, 2025

Osaka and Keys Advance to Quarter-Finals at Canadian Open

August 6, 2025

Ghana Armed Forces Helicopter Crashes in Adansi Akrofuom, 8 Feared Dead 

August 6, 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.