• 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 to average GHS 11.40 to $1 in 2023; average GHS 10.90 to $1 in 2024

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
112
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Cedi to average GHS 11.40 to $1 in 2023; average GHS 10.90 to $1 in 2024

Fitch Solutions’ Country Risk team forecasts the average exchange rate to weaken from an estimated GHS 8.3/$1 in 2022 to an average of GHS 11.4/$1 in 2023 and GHS 10.9/$1 in 2024.

Fitch Solutions made the assertion in its recently published Ghana Consumer Outlook Report.

The research firm asserts that the weakness of the cedi is making imports more expensive, placing additional pressure on household budgets and contributing to high inflation.

The current exchange rate of the dollar to the cedi on the spot market (as of the time of this report) is GHS 11.48 to $1.

According to Fitch Solutions in its Ghana Consumer Outlook Report, it forecasts that real household spending (at 2010 levels) to decelerate to 2.0% y-o-y.

While growth will pick up over 2024, averaging 4.0% y-o-y, risks will remain weighted to the downside, with stubbornly high levels of inflation and fiscal consolidation policies weighing on real purchasing power gains for many consumers in Ghana.

RelatedPosts

BoG Governor Unveils Four-Pillar Strategy to Build an Innovative and Resilient Financial System

Lands Minister Revokes 278 Small-Scale Mining Licenses

UK Bans Lewis Hamilton and Chelsea FC Gambling Ads for Targeting Children

Adding that, the forecast for consumer spending growth in Ghana over 2023 and 2024, is in line with its Country Risk team’s forecast that economic growth in Ghana will decelerate to 3.0% y-o-y in 2023 before rising to 3.7% y-o-y over 2024.

Despite the deceleration, household spending is set to reach GHS107.8bn in 2023, higher than the GHS101.9bn posted in 2019, pre-Covid. Over 2024, spending will expand to GHS112.1bn.

Meanwhile, Fitch Solutions notes that elevated levels of household indebtedness in Ghana persist as a looming peril to the nation’s consumer spending outlook.

This predicament not only restricts future access to credit but also exerts undue pressure on current disposable incomes.

A confluence of factors, including rapid interest rate hikes by the central bank during the 2022-2023 period, has culminated in interest rates previously uncharted by most households in the past decade.

Regrettably, there are scant indications of imminent rate reductions, signifying that households will be ensnared in an environment of protracted high debt servicing costs.

Furthermore, a considerable number of households eagerly embraced substantial debt burdens in the preceding era of low-interest rates. While there are limited indicators of these debts going sour, the conundrum lies in the possibility that servicing this debt at elevated interest rates may place an unexpectedly heavy burden on household disposable incomes.

There looms a risk that consumers may be compelled to curtail spending, particularly in non-essential sectors, as the cost of servicing debt at higher interest rates escalates.

 

Tags: cediCedi to average GHS 11.40 to $1 in 2023; average GHS 10.90 to $1 in 2024dollar
No Result
View All Result

Highlights

GSE Closes Thursday’s Session Lower as Composite Index Falls by 0.82%

BoG’s Director of Fintech and Innovation, Kwame Oppong, Exits Central Bank After Spearheading Major Fintech Reforms

Black Queens Cruise to 3-0 Victory Over Egypt in WAFCON Qualifier

Five Key Storylines to Follow Ahead of the 2025 Mexico City Grand Prix

Government Announces Death of Former First Lady Nana Konadu Agyeman-Rawlings

New UN Forum Aims to Tackle Developing Economies’ Debt Issues

Trending

Governor of the Bank of Ghana (BoG), Dr Johnson Asiama,
Business

BoG Governor Unveils Four-Pillar Strategy to Build an Innovative and Resilient Financial System

October 24, 2025

BoG Governor Unveils Four-Pillar Strategy to Build an Innovative and Resilient Financial System The Governor of the...

Lands Minister Revokes 278 Small-Scale Mining Licenses

October 24, 2025

UK Bans Lewis Hamilton and Chelsea FC Gambling Ads for Targeting Children

October 24, 2025

GSE Closes Thursday’s Session Lower as Composite Index Falls by 0.82%

October 24, 2025

BoG’s Director of Fintech and Innovation, Kwame Oppong, Exits Central Bank After Spearheading Major Fintech Reforms

October 24, 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.