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In just the first 17 days of the new year, the Ghanaian currency reportedly depreciated by 12.7%, making it the second worst-performing among Sub-Saharan Africa’s top 15 currencies. While one U.S. dollar bought 13.10 units of the cedi on the parallel market, according to the latest Bank of Ghana data, one greenback buys around 10.36 … Read more
Just a few months after it became the world’s worst-performing currency, the Ghanaian cedi’s exchange rate versus the U.S. dollar bounced back from just over 14 units per dollar on Dec. 1, to 8 units for every dollar by Dec. 16, new data has shown. The currency’s resurgence appears to have been fueled by reports … Read more
According to directives issued by Samuel A. Jinapor, the Ghanaian minister for lands and natural resources, large-scale gold mining companies will be required to “sell 20% of all refined gold at their refineries to the Bank of Ghana.” A gold-for-oil scheme is part of the Ghanaian government’s plan to stop the further dwindling of the … Read more
Just days after registering marginal gains against the U.S. dollar, the Ghanaian currency — the cedi — slipped to C14:$1 versus the U.S. dollar on the foreign exchange parallel market on Nov. 7. The cedi’s reversal is said to have dented the currency’s recovery prospects. On the other hand, Ghana’s former president John Mahama and … Read more
The Bank of Ghana recently warned businesses quoting U.S. dollar prices that the practice is still prohibited and that the cedi remains Ghana’s sole legal tender. The bank said it is working with law enforcement to “clamp down on illegal foreign exchange operations.” In addition to naming and shaming businesses violating the law, a Ghanaian … Read more
As Ghana waits for a financial bailout from the International Monetary Fund (IMF), the country’s currency continued its slide versus the dollar after the respective currencies’ exchange rate slipped to just under C15:$1. Following this latest plunge, the cedi has now depreciated by more than 55% in 2022 and this makes it the world’s worst-performing … Read more
After it slipped to a rate of about 12:1, the Ghanaian cedi became the latest African currency to touch a new low versus the U.S. dollar, albeit on the unofficial foreign exchange market. Having started 2022 trading around 6.25 per dollar, the cedi has now lost over 90% against the appreciating greenback. Protest Against the … Read more
The Bank of Ghana has warned businesses and the public against the practice of demanding or making payments in foreign currency without its authorization. The central bank’s warning comes just over a month after Ghana’s currency was rated the worst performing among Africa’s top currencies. Violators Face Possible Prison Time The Ghanaian central bank has … Read more
