Browsing: cedi depreciation

By Adnan Adams Mohammed Ghana’s fiat currency is likely to remain stable at the back of the implementation of the…

Adnan Adams Mohammed The International Monetary Fund (IMF) has finally approved Ghana’s request for a US$3 billion Balance of…

Adnan Adams Mohammed Some economists, both international and local have peg the local currency, the cedi to end the…

The Lecturer cum Honorary Fellow at Solidare Ghana, likened 2022 economy to the days of the “Kalabule” years between 1972 and 1982 as the Ghanaian Economy went through turbulence in 2022 with inflation and exchange rate hitting unprecedented levels of 50.3% and GHC14.3 to US$1.0, respectively.

The EIU expects the exchange-rate weakness to continue into 2023, albeit to a lesser degree.

But the former National Petroleum Authority boss has described the deal as a ‘zero sum game’.

According to the BoG, the Ghana cedi came under pressure in September and October on fiscal concerns. Pressure to the currency came from energy and corporate demand. Also, the strength of the US dollar weighed on the Ghana cedi.

This is expected to boost investors confidence in the economy as well as in create hope of shoring our foreign reserves soon.

The barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence.

According to the Finance Minister Ken Ofori Atta, these comprise an agenda to: aggressively mobilize domestic revenue; streamline and rationalise expenditures; boost local productive capacity; promote and diversify exports; protect the poor and vulnerable; expand digital and climate-responsive physical infrastructure; and implement structural and public sector reforms.