#ghanacurrency

BoG Authorises Black Star Brokerage, 8 Others To Operate On Ghana Interbank FX Market

The Bank of Ghana has given authorisation to nine FX (Foreign Exchange) Brokers to operate on the Ghana Interbank FX market, effective January 01, 2023 to December 31, 2023. They are Black Star Brokerage, CSL Capital, Fenics MD, ICAP African Brokers Ltd, Obsidian Acherner, Regulus, Sarpong Capital, Savvy Securities and Terika Financial Services Ltd. The move is to ensure sanity in the FX market…

Bloomberg’s currency dashboard has pegged $1.00 to ¢10.00, solidifying the cedi’s position as the best performing currency against the dollar in the month of December 2022. Within a span of two weeks, the cedi has regained more than 40% of its lost value since the arrival of the International Monetary Fund’s team in Accra on December 1. According to Bloomberg’s currency dashboard, the forex…

S&P Global Downgrades Ghana’s Long-term Local Currency Bonds & Foreign Currency Debt

S&P Global downgraded Ghana’s long-term local currency bonds to “selective default” and cut the country’s foreign currency debt to “CC” from “CCC-plus,” with default a “virtual certainty,” the ratings agency said in a Tuesday statement. S&P said Ghana’s proposed local debt swap is a “distressed exchange offer,” earning those bonds the “selective default” rating, while the foreign currency bonds…

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…

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…

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…