Thu, Jul

cedi redenomination

  • “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.

  • 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.

  • 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.

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