• 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

BoG gives reasons for cedi’s stability against US dollar

3 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
113
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

BoG gives reasons for cedi’s stability against US dollar

The Bank of Ghana (BoG) has attributed the cedis’ recent gains to new set of monetary measures it has instituted.

According to the Director of Financial Markets at the Bank of Ghana, Stephen Opata, the cedi’s performance can be linked to the BoG’s decision to restrict foreign exchange support to some essential commodities like petroleum products, as well as medical and pharmaceutical products.

He added that the cedi’s gains can also be attributed to the prudent management of liquidity in the financial system.

“We have also seen that Monetary Policy has been tightened, coming on the back of recent increases in the policy rate to 27 percent. This has also contributed to the cedi’s good run”, he added.

He noted that “the continuous hike in the policy rate will also ensure that excess cedis can be used to purchase government bonds and other securities, despite current concerns with the proposed debt exchange programme”.

Mr. Opata is of the view that these could be some of the major reasons that have contributed to the cedi’s stability against  the dollar over the past  three weeks.

RelatedPosts

Taptap Send, Remit Choice, 3 Others Suspended by the Central Bank Over Unauthorised Remittance Transactions

UBA Ghana Hit With One-Month Forex Trading Suspension for Regulatory Breaches

BoG Sanctions Flutterwave, Cellulant and Halges Financial Over Remittance Breaches

The cedi has witnessed some sustained gains against the US dollar when it on the forex market.

The local currency has moved from ₵15 since November 2022 to around ₵10 to a dollar based on the average quotes published by some commercial banks in the country.

Meanwhile some financial analysts have linked cedi’s quick turnaround to government’s staff agreement deal with the IMF.

Databank Financial Service in its weekly report earlier predicted that the good run of the cedi will be sustained in the coming weeks.

Some analysts have pointed out that signals by the US Federal Reserve to start slowing down the rate hikes has also contributed to the cedi’s stability.

According to Bloomberg, the cedi gained more than 10 percent against the dollar from December 5, 2022 to December 9, 2022.

This, made the cedi gained the biggest advancement, among 150 currencies in the World Tracked by Bloomberg News.

Bloomberg in its tracker for showed that the Ghana cedi gained about 10 percent, compared to other  top four currencies around the world on December 12 2022.

Mr. Opata maintained that sustaining the cedi’s performance will not only depend on supply of the currency.

“The issue will also depend on the current on-going reforms in the economy that is being undertaken by government”.

He stated that the staff deal with the IMF is major development that will help stabilize the cedis.

On her part, economist Dr. Priscilla Twumasi Bafour has noted that the BoG must work hard to deal with the activities of speculators.

Tags: Bank of Ghana (BoG)BoG gives reasons for cedi’s stability against US dollarIMF
No Result
View All Result

Highlights

How Stablecoins and Other Financial Innovations May Reshape the Global Economy

Black Stars Miss Chance to Extend Lead in World Cup Qualifiers After Draw with Chad

Gold Price Could See $5,000 if Trump Keeps Attacking Fed: Goldman Sachs

“You can Invest in Ghana with confidence” – Lands Minister tells Investors

Ghana Shines on Global Stage, Unveils Billions in Mining Investment Opportunities at Australia-Africa Conference

Black Starlets Drawn in Group A for WAFU Zone B U-17 Championship

Trending

Business

Taptap Send, Remit Choice, 3 Others Suspended by the Central Bank Over Unauthorised Remittance Transactions

September 4, 2025

Taptap Send, Remit Choice, 3 Others Suspended by the Central Bank Over Unauthorised Remittance Transactions The Bank...

UBA Ghana Hit With One-Month Forex Trading Suspension for Regulatory Breaches

September 4, 2025

BoG Sanctions Flutterwave, Cellulant and Halges Financial Over Remittance Breaches

September 4, 2025

How Stablecoins and Other Financial Innovations May Reshape the Global Economy

September 4, 2025

Black Stars Miss Chance to Extend Lead in World Cup Qualifiers After Draw with Chad

September 4, 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.