• 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

IC Securities revises exchange rate forecast to GH¢15.91 per dollar for end-2024

1 year ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
234
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

IC Securities revises exchange rate forecast to GH¢15.91 per dollar for end-2024

IC Securities has significantly revised its year-end forecast for the US dollar to Ghanaian cedi exchange rate, adjusting its projection from GH¢13.2/US$ to GH¢15.91/US$. This revision underscores the evolving macroeconomic challenges facing Ghana’s currency.

The research firm’s initial forecast was upended by the Bank of Ghana’s unexpected policy rate cut in January 2024, a move that precipitated strong selling pressure on the cedi. IC Securities had deferred updating its forecast, banking on expected programme-related inflows and the final tranche of the cocoa syndicated loan for the 2023/2024 season. However, these anticipated inflows failed to fully materialise, leaving the cedi vulnerable to market forces.

A further strain on the cedi came from adjustments to the Cash Reserve Requirement (CRR) for banks. These adjustments were expected to tighten local currency liquidity but had limited impact as banks rolled over their maturing Bank of Ghana securities into CRR positions instead of reducing cedi supply. Concurrently, fiscal expansion driven by the clearance of contractor arrears injected additional cedi liquidity into the forex market, exacerbating downward pressure on the currency.

Looking ahead, IC Securities anticipates approximately $2.3 billion in inflows during the remainder of 2024, a figure deemed credible based on indicative timelines. Nonetheless, these inflows are expected to contribute more to market sentiment than to tangible foreign exchange reserves, as the Bank of Ghana continues to exercise constrained intervention policies amidst efforts to rebuild reserves.

Moreover, the approach of the December elections is likely to spur increased hedging activity among domestic investors, potentially offsetting any positive impact from the inflows. This election-related hedging could maintain the pressure on the cedi, curtailing any potential appreciation driven by inflows.

Presently, the cedi is trading at around GH¢15.00 to the dollar at forex bureaus, indicating an ongoing depreciation trend. IC Securities’ revised forecast of GH¢15.91/US$ by the end of 2024 reflects a cautious outlook amid persistent macroeconomic challenges and anticipated market dynamics.

RelatedPosts

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors

Unpaid Taxes “Very Frightening”, Says Hon. Nana Osei-Adjei

Dollar Slides as Trump Fires Fed Governor Lisa Cook

This adjustment highlights the precarious balance Ghana must maintain as it navigates fiscal expansion, liquidity management, and external economic pressures in the lead-up to a crucial election period.

Tags: cedidollarIC SecuritiesIC Securities revises exchange rate forecast to GH¢15.91 per dollar for end-2024
No Result
View All Result

Highlights

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

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

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

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

Trending

Business

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors

August 26, 2025

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors President John Dramani Mahama has...

Unpaid Taxes “Very Frightening”, Says Hon. Nana Osei-Adjei

August 26, 2025

Dollar Slides as Trump Fires Fed Governor Lisa Cook

August 26, 2025

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

August 26, 2025

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

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.