Thu, Dec

cedi wahala

    • According to him, data from the central bank indicated that $700 million was used between January and February with an additional $300 million added in March.

    The Member of Parliament (MP) for Bolgatanga Central, Mr Isaac Adongo has asserted that the Bank of Ghana (BoG) used about $1 billion of the country's reserves to support the cedi in the first three months of the year.

    • If I am a typical Ghanaian, I can say that if an election were conducted today, Bawumia would not win by the same landslide he would have garnered two years ago. Bawumianomics is simply not the people’s favourite any more.

    I am told Vice-President Bawumia is planning a news conference to throw light on how the economy has performed so far. He could; after all, he chairs the Economic Management Team.

    • “I am very optimistic that it will not be long before we see stability and some recovery in the cedi,” he said.

    The Bank of Ghana (BoG) says it will add a minimum of $800 million to the country’s reserves this month to stabilise the cedi against major international currencies, especially the dollar.

    • Deputy Minority Leader in Parliament, James Klutse Avedzi, said the fall of the cedi indicates that the fundamentals of the economy are weak.

    The Minority in Parliament (MP) has said that the rate of depreciation of the Ghana cedi in relation to the U.S. dollar, has exposed Vice-President Dr Mahamudu Bawumia.

  • This article is in response to one posted by a friend. ‘Abaa fo obi le nane ‘which in Ga (one of the local Ghanaian languages) means, her child’s leg will be amputated. It is a very popular ‘’jama’’ aka parade song in Accra.

    • He said it was not healthy for Ghanaians to repeat the statement that the cedi was the cheapest on the continent, adding that “the truth of the matter is to look at the fundamentals.”

    The Minister of Finance, Mr Ken Ofori-Atta, has given an assurance that the cedi will begin to appreciate against the major currencies within the next two weeks. “The reversal will occur and it is going to be pretty stable,” Mr Ofori-Atta stated.

    • Citing data from the Bank of Ghana, Vice President Bawumia said the cedi depreciated against the dollar on a year-on-year basis by 17.5% (2012), 14.5% (2013), 31.3% (2014), 15.7% (2015), 9.7% (2016) and 4.9% (2017).

    The Vice-President, Dr Mahamudu Bawumia, has stated that notwithstanding the recent volatility of the Ghana cedi, the data shows that it has seen the slowest depreciation against the US dollar for the first eighteen months of any government since 1993.

    • Follow the data here to appreciate how the Bank of Ghana and this government has protected the local currency better. Don’t fall for ....

    What is incontrovertible is that in the midst of the hues and cry and the propaganda, the management of the Cedi under Nana Addo and Dr. Bawumia has been the best for any first three years of any government within their first term since 1992.

    • He urged Ghanaians to stop badmouthing and browbeating the current exertions of the Cedi, and to stop repeating after others that it is the cheapest on the continent.

    Minister of Finance, Ken Ofori-Atta, has refrained into the melodious chorus surrounding the recovery of the embattled national currency, the Cedi, whose stock continue to take hard-hits from the ever-hard-hitting United Kingdom Pounds Sterling and the United States Dollar.

    • “Let the cedi fall to reflect its true value to help promote local food crop farming and exports.

    In the wake of the discussions raging over the level of depreciation of the local currency against the major foreign trading currencies, particularly the United States dollar, the Chief Executive Officer (CEO) of Dalex Finance, Mr Ken Thompson, has asked the government to allow the cedi to fall in order to reflect its true value.

  • The Executive Board of the International Monetary Fund (IMF) has completed the last review of the Extended Credit Facility (ECF) for Ghana, signifying the conclusion of the four-year support programme.

    • He said it was as a result of that the Ghana cedi hit an all-time low recording a rate of GH¢5.86 to $1.

    Vice President Dr Mahamudu Bawumia has attributed the recent depreciation of the Ghana cedi to directives from the International Monetary Fund (IMF) to the Bank of Ghana (BoG).

    • “It is expected that the lecture will provide Hon Adongo another platform to sufficiently deal with trending issues such as the cedi depreciation, the issuance of a $3 billion Eurobond, the exit from IMF and the general state of the economy after two years of the Nana Akufo-Addo and Bawumia administration.”

    Former President John Mahama will Thursday, April 4, be the guest of honour for a public lecture to review the economy before, during and after the International Monetary Fund (IMF) programme.

    • The Minority members led by their leader, Mr Haruna Iddrisu, said they would serve on the committee in the interest of the larger population to arrest the depreciation of the cedi.

    The Minority in Parliament has indicated its readiness to serve on the government's proposed bipartisan committee to address the structural causes of the depreciation of the cedi.

    • Sadly, it is for toothpicks and such goods that our banks need dollars so urgently!

    Some things in life belong to the category which someone has described as “the unalterable law of life”. An example is ‘Devaluation”. Another is “Pumping Dollars into the Economy”. No African Minister of Finance wants it, yet every African Finance Minister succumbs to their power. They are called, “Classical Economics”.

    • Yet the last time I checked, it takes GH¢5.60 to buy one dollar. I won’t bore you with the percentage increase. It was GH¢5.85 to the dollar in March 2019.

    Can somebody tell me why it has become so imperative for the Bank of Ghana to spend money to advertise the features of the two cedi coin? I am not convinced that this is profitable use of the taxpayer’s money. Such prodigality! I could cry.

    • On the contrary, the Ghana Cedi moved from 5.7 per dollar to 5.32 indicating appreciation. Before the Coronavirus happened the Cedi had earlier showed signs of appreciation by moving from ....

    Written By Dr. Muazu Ibrahim - Ghana’s local currency, the Cedi has made significant gains against its major trading partner, the US dollar ($) in 2020.

    • ... hence guaranteeing the arrest and taming of the very slippery Cedi, which has been on a Manchester United-like ascendancy since the canning of José Mourinho may not be a core value ...

    President Akufo-Addo’s recent assurance about his government doing everything possible to arrest the flight of the Ghanaian Cedi onto higher ground and unchartered territory has many wondering if his highly touted whiz man cum economic aficionado, Vice President Dr. Mahamudu Bawuwumia, is sleeping on the Cedi side of the job and unable to perform as far as the exchange rate is concerned.

    • The Last River to Cross before we see the god who can save the Cedi, is the river of Fiscal Discipline – This I need not explain.

     Street philosophy for saving the cedi – The seven rivers to cross:

    • Embedded with new security features, the new banknotes, according to the Bank of Ghana (BoG) were meant to curtail counterfeiting and also introduce modern features in the currency.

    The newly upgraded Ghana Cedi will be put into circulation for business across the country today.

  • Written by Dr. Hene Aku Kwapong - I have no idea when the word "revert" as in "I will revert" ever became so pervasive in offices throughout Ghana and came to mean "I'll get back to you", but I am hearing it a lot. So, naturally I became a little concerned when I called to ask a friend what he thought about an upcoming discussion.

AcyMailing: Could not load compat file for J4.3.1This module can not work without the AcyMailing Component