GhanaStar
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music
No Result
View All Result
GhanaStar
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music
No Result
View All Result
GhanaStar
No Result
View All Result
Home Business

Cedi To Sell At GHC4:1$ By End of 2016

October 17, 2016
in Business
Share on FacebookShare on Twitter

The Ghana cedi is projected to sell at a higher amount in relation to other major currencies on the global interbank market, Groupe Nduom (GN) Research has predicted.

You Might Also Like

Nana Akufo-Addo Has Won 2020 Ghana Elections with 51.7% of the Vote

Online Casino Best-Themed Games

Utilize Reliable Exam Dumps to Attain Cisco 300-320 R&S Certification Easily

According to the analyses by GN Research, published in its economic outlook report for the fourth quarter, the cedi was estimated to be sold at “GHS4.00, GHS5.04 and GHS4.43 to the US dollar, British pound and Euro respectively by the end of year”.

This it said was based on inference from the performance of the cedi during the last quarter of 2012 and subsequent years as it added that to it “expect the cedi to depreciate marginally by some 0.65% to the US dollar, but appreciate by some 2.20% and 0.64% to the sterling and euro respectively by year-end”.

GN Research indicated in its latest report that the domestic currency stood its ground against the major trading currencies within the third-quarter of 2016 (Q3 2016), adding that the cedi recorded a marginal cumulative depreciation of 0.66% and 1.56% to the US dollar and euro, respectively.

However, the cedi posted some gains of 2.04% against the sterling in Q3 2016.

“This puts the Year-to-Date (YTD) depreciation of the cedi at 4.65% to the US dollar, 7.8% to the euro, and a YTD appreciation of 8.27% to the British Pound,” adding that arguably, “this was one of the best quarterly performance of the cedi in recent years, and it succeeded in restoring confidence in the domestic currency ahead of the upcoming elections.”

The group explained that unlike the preceding quarter, the stability in the cedi reduced the pressure on prices of goods and services and pushed consumer price inflation to 16.9% in August, 2016.

This trend was largely influenced by the steady fluctuations in global commodity prices, weakening of the British pound after the Brexit, and persistent decline in China’s inflation rate during Q3 2016.

On the domestic front, GN Research indicated that the relaxation of rules governing the repatriation of export proceeds by the Bank of Ghana, relatively stable power supply, steady Treasury bill rates and the decision to hold the monetary policy rate at 26 per cent since year-open, contributed immensely to the stability of the cedi.

According to them, “This impressive ride would have been stronger, if not for the depleting gross foreign assets within the past four months and the rise in current account deficit prior to the beginning of Q3 2016”.

GN Research expressed optimism in the revamp in world crude oil prices, inflows from the US$750 million Eurobond, US$1.8 billion cocoa syndicated loan, US$116.2 million third tranche support from the International Monetary Fund (IMF), and the ongoing US$50 million domestic bond issuance among others, to offer some respite to the cedi ahead of the December polls.

Join GhanaStar.com to receive daily email alerts of breaking news in Ghana. GhanaStar.com is your source for all Ghana News. Get the latest Ghana news, breaking news, sports, politics, entertainment and more about Ghana, Africa and beyond.

Tags: bank of ghanaBusiness_Financechinacrude oil pricescurrencyCurrency symbolseconomyEuroghanaGhanaian cediInternational Monetary FundMonetary policyNumismaticsPound

Related News

Covid-19: President Akufo-Addo To Address Ghanaians Tonight

Nana Akufo-Addo Has Won 2020 Ghana Elections with 51.7% of the Vote

by ghanastar
December 9, 2020
0

Nana Akufo-Addo won Ghana’s national election, becoming president-elect at the third attempt and cementing the country’s reputation as a standard-bearer...

Online Casino Best-Themed Games

Online Casino Best-Themed Games

by ghanastar
July 9, 2020
0

Whether you like casino games or not, we can all agree that people like themes, and they express their lover...

Utilize Reliable Exam Dumps to Attain Cisco 300-320 R&S Certification Easily

by ghanastar
July 14, 2020
0

Cisco’s certifications are among the most popular credentials for IT professionals. The company is considered to be one of the...

Burkina Faso: Attack on Church Kills at Least 14

by
December 1, 2019
0

At least 14 people have been killed after gunmen opened fire inside a church in Burkina Faso. The victims were...

Next Post

US Journalist Faces Riot Charge

Ghana Issues Maiden Dollar Bond On Local Market

Categories

  • Africa & World
  • African Music Lyrics Directory
  • Business
  • Business Directory
  • celebrities
  • Computing
  • Diaspora
  • Entertainment
  • Events
  • Feature
  • Featured
  • Ghana Elections 2016
  • Headlines
  • Health
  • International
  • Internet
  • Jobs
  • lifestyle
  • Music
  • News
  • Offbeat
  • Opinion
  • Politics
  • Profiles
  • Religion
  • Security
  • Seth Terkper
  • Smart Home
  • Social Networks
  • Sports
  • Technology
  • Top Stories
  • World News

Tags

accra addo africa Association football Banks - NEC business Business_Finance chairman Donald Trump economy education Entertainment_Culture environment Geography of Africa ghana Ghanaian people government Government of Ghana Human Interest John Dramani Mahama john mahama Law_Crime mahama minister MPs elected in the Ghanaian parliamentary election Nana Addo Nana Addo Dankwa Nana Akufo-Addo National Democratic Congress National Democratic Congress (NDC) New Patriotic Party New Patriotic Party (NPP) nigeria politics Politics of Ghana president Social Issues Social Media Social Media & Networking sports United Kingdom United Nations United States Vice President War_Conflict

Recent Posts

  • Government of Ghana Unveils Official Portraits of President John Dramani Mahama and Vice President Prof. Naana Jane Opoku-Agyemang
  • Who Is the Woman (Sheena Gakpe) in Sarkodie’s Latest Hit “No Sir” and Why Everyone Is Talking about It
List of Ghana Holidays for 2020
Ghana Geocoding
Ghana Cedis Exchange API
Ghana Maps Service
Toyota Cars Auto Auction History
  • African Music Lyrics Directory
  • Business Directory
  • Diaspora
  • Top Stories

All rights reserved © 2021 GhanaStar.com

No Result
View All Result
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music

All rights reserved © 2021 GhanaStar.com