#ecedi

Ghana Cedi Slumps To World’s Worst Performing Currency – Bloomberg

Cedi depreciated as much as 3.3% on Monday to the US dollar Ghana negotiating about $3 billion program with the IMF Ghana’s cedi slumped to become the world’s worst-performing currency this year as investors continued to squeeze foreign capital to the west African country before a deal with the International Monetary Fund. The currency of the world’s second-biggest cocoa producer depreciated…

The Ghana cedi has depreciated by 37.1% as of the 27th of September 2022, Finance Minister Ken Ofori-Atta has said, noting that inflation remains high at 33.9% as of August 2022. Mr Ofori-Atta gave the figures during his press briefing on Wednesday, 28 September 2022 about the ongoing negotiations between the government of Ghana and the International Monetary Fund for a $3 billion programme to…

Ghana Cedi Now The Worst Performing Currency In Africa– Bloomberg.

Ghana’s currency extended its decline Wednesday, heading for its worst weekly drop in more than three years before an emergency central bank meeting to decide on borrowing costs. The cedi dropped 1.1% at 11:03 a.m. in Accra, extending its fall this week to 5.2%. That’s the worst decline since the seven-day period ending March 29, 2019. The measure has plunged 35% this year making it the world’s…

eCedi will not disrupt Mobile Money transactions – BoG

eCedi will not disrupt Mobile Money transactions – BoG The Bank of Ghana says the implementation of the Central Bank Digital Currency (CBDC) or eCedi will not disrupt or collapse the business of Mobile Money operations. Speaking at a stakeholder forum organised by Mobile Money Ghana Limited, a subsidiary of MTN Ghana Limited, Assistant Director of Fintech and Innovation at Bank of Ghana,…

Where Central Banks Have Issued Digital Currencies

The value of Bitcoins and NFTs might be dwindling, but a different approach to cryptocurrency is growing in popularity around the world while showcasing a totally different face of the blockchain. Central bank digital currencies are controlled by governments like traditional currencies are and therefore represent the polar opposite of the idea of decentralized, non-traceable Bitcoins. Several…

Ghana Cedi Has Fallen By 15.8% YTD – BoG

Bank of Ghana Governor Ernest Addison has said developments in global capital markets, combined with internal challenges that resulted in the rating downgrade of Ghana’s economy, have played out to exacerbate price and exchange rate pressures in the domestic economy. The Ghana cedi, he noted, came “under severe pressure in the first quarter of 2022 as offshore investors exited positions in…

Ghana Cedi Has Fallen By 15.8% YTD – BoG

Bank of Ghana Governor Ernest Addison has said developments in global capital markets, combined with internal challenges that resulted in the rating downgrade of Ghana’s economy, have played out to exacerbate price and exchange rate pressures in the domestic economy. The Ghana cedi, he noted, came “under severe pressure in the first quarter of 2022 as offshore investors exited positions in…

Ghana has started a bulk purchase programme to buy gold locally to raise the gold component of its reserves, Central Bank Governor Ernest Addison said on Tuesday, in a bid to strengthen the cedi currency without increasing inflation. “We have started a bulk purchase program, domestic, where we buy gold locally and try to raise the gold component in our level of reserves. This is where the…