Ghana’s cedi depreciation of 3.9% to the dollar last year is the lowest in the history of the Ghanaian economy, the 2021 Budget and Economic Policy has revealed.
According to Majority Leader, Osei Kyei Mensah-Bonsu who is currently presenting the budget in parliament, the Ghanaian local currency stood its firm grounds against the American currency last year.
The Ghana cedi’s 2020 performance made it one of the best performing currencies in Sub Saharan Africa.
The impressive performance also made it the best since 2017 when it depreciated by only 4.88%.
At the forex bureau, the rate of depreciation was even lower at 2.2%.
Analysts believed the cedi benefited from a myriad of factors including the Bank of Ghana’s Forex Forward Auction and the diversified exports.
“This sets a favourable entry into 2021. The expectations are for the GHS [cedi] to remain well supported in Q1-2021 [quarter one 2021] by the improved regulatory oversight, enhanced FX [foreign exchange] forward allotments and continued improvements in risk appetite of non-resident investors’, Courage Kingsley Martey, Senior Economic Analyst at Databank said.
Recent historical performance of the cedi to dollar
2019 | -12.9% |
2018 | -8.4% |
2017 | -4.9% |
2016 | -9.6% |
2015 | -18.75% |
Latest Stories
-
Yaw Nsarkoh: The President’s letter on the KPMG (SML) Report
17 seconds -
Manasseh’s praise and criticism of Akufo-Addo’s action on the SML scandal
5 mins -
KPMG’s report confirms we haven’t been paid $100m – SML
10 mins -
John Mahama’s speech at the unveiling of Prof. Naana Jane Opoku-Agyemang as his running-mate
24 mins -
Asiedu Nketia’s full speech at official unveiling of Prof. Naana Jane Opoku-Agyemang as running-mate
31 mins -
We are committed to helping build a better Ghana – SML
38 mins -
‘They don’t even pick up my calls’ – African Games gold medalist laments unpaid bonuses
43 mins -
Fifi Kwetey’s full speech at official unveiling of Prof. Naana Jane Opoku-Agyemang as running-mate
51 mins -
About 282 million people face acute food insecurity in 2023 – GRFC
1 hour -
Ghana’s Antoine Semenyo fires Bournemouth to victory against Wolves
2 hours -
Everton 2-0 Liverpool: Everton apply final blow to Liverpool title challenge
2 hours -
Akufo-Addo nominates Felicia Attipoe as Tema West MCE
2 hours -
Today’s front pages: Thursday, April 25, 2024
2 hours -
We’ll not engage in opaque and obscure deals when elected – Prof Opoku-Agyemang
3 hours -
Energy and Finance Ministries must provide funding to fix energy challenges – IES
3 hours