Given the looming sovereign debt treatments, the cedi is expected to see a mixed performance this week as investors continue to digest the 2023 budget.
According to Databank Research, Ghana’s foreign exchange reserve will likely remain stable to anchor the value of the cedi if the government’s planned gold-for-oil barter deal is effectively implemented.
The summary of the Economic and Financial data published by the Bank of Ghana revealed a stable gross international reserve at $6.67 billion at the end of October 2022, supported by 7.24% month-on-month improvement in the trade balance.
Last week, the cedi was relatively stable on the interbank market as investors digested the 2023 budget and the government’s plans to buy oil with gold instead of the US dollar. It closed the week at an indicative rate of ¢13.11/US$ on the interbank market while losing 0.67% against the American ‘greenback’ to close around ¢14.85 to one US dollar on the retail market.
The cedi posted a week-on-week depreciation of 3% vs pound and 0.99% against the euro in the retail market.
BoG pegs cedi depreciation to dollar at 54%
The Bank of Ghana pegged the rate of depreciation of the cedi to the dollar at 54.2% in almost 11 months of 2022.
However, the Central Bank in its November 2022 Summary of Economic and Financial data quoted the cedi to dollar at ¢13.10 to one US dollar.
Latest Stories
-
Ghana’s cocoa farmers lament low earnings amid high prices
48 mins -
Rainstorm caused power outages in Greater Accra Region – ECG
48 mins -
KODA’s family requests for privacy ‘to mourn and heal’
52 mins -
Kofi Adu Domfeh writes: When roads are constructed to kill
2 hours -
CAF Confederation Cup semi-final: We have the advantage – John Antwi
2 hours -
I hope that we’ll find a miracle – Céline Dion details Stiff Person Syndrome diagnosis
2 hours -
Government’s silence on energy crisis demonstrates a lack of leadership – Agyemang-Duah
2 hours -
Philipa Baafi bounces back with ‘Eda Ho Pefee’
2 hours -
Amazon Web Services and AmaliTech collaborate to train more than 5,000 people in cloud computing in Ghana
3 hours -
Inflation to decline to 24.6% in April 2024 – Report
3 hours -
Dancehall Queen Aklerh thrills patrons at EP listening
3 hours -
Bond market: Total turnover upturned to GH¢1.14bn
3 hours -
Stanbic offers financial solutions to members of Ghana Medical Association
3 hours -
“Dmusor” has brought businesses to their knees – GNCCI expresses frustration at ongoing crisis
3 hours -
Ghana’s electricity access likely to increase as World Bank begins initiative
3 hours