Cedi weakened 1.22% to dollar last week; one dollar going for ¢12.30
The cedi weakened 1.22% to the US dollar in the retail market last week, following depreciation pressures.
It also lost 0.65% to the pound and 0.19% against the euro on the retail market, despite Ghana’s inflation cooling to 23.2% in December 2023.
Though the Central Bank auctioned 20 million dollars for the Bulk Oil Distribution Companies in its first sale for 2024, it failed to tame the persistent corporate demand.
The cedi closed trades on the retail market or the forex bureaus at GH¢12.33/$ against GH¢12.18/$ the previous week.
However, many analysts believe the expected $600 million inflows from the International Monetary Fund (IMF) after its board approval of the first review of Ghana’s programme this Friday, January 19, 2024, should help improve market sentiments.
This will consequently shore up foreign exchange reserves and strengthen supply-side intervention.
Government last Friday, January 12, 2024, reached debt restructuring agreements with its official creditors, a move seen by many as a step in Ghana’s economic recovery.
So far this year, the local currency has lost about 1.50% in value to the dollar in the retail market.
Ghana will have a much better run at financial security when the nation gets its head out of the american dollars a$$ – Prosperous nations compete with other nations on a level playing field and value themselves over any1 else – Below a glaring sobering example of Ghana looking very stupid on the global economic stage – See below why africans (ghanaians need to get their own heads out of the sand)!!!
1 USD = 11.95 GHS as of Jan 16, 5:15 PM
1 USD = 147.18 J-Yen as of Jan 16, 6:27 PM
Japan is not perfect and doesnt have the best government… There is no such thing as a perfect government, that that BS out your Ghanaian mind!!! Most Japanese have complaints about their country and government, but it doesn’t stop them from PERSONAL RESPONSIBILITY… Check out the suicide & abortion rates in Japan… They have their problems… BUT every second of the day the CHOOSE not to rubbish their streets & gutters with plastics and trash… The CHOOSE to fix things around their communities… Even the poorest Japanese person won’t destroy or allow destruction where they want to sleep peacefully!!!
Please explain to me why Japanese people CHOOSE TO EXCEL AT EVERYTHING THEY DO & CHOOSE TO MAINTAIN WITH HIGH PERSONAL STANDARDS ANYTHING THEY HAVE all the while not dragging their feet, moaning, groaning, complaining or BEGGING and negatively scrutinizing, blaming & shaming government and their currency is doing almost 20 times worse against the dollar?