Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Currencies

Ghana cedi under pressure amid economic recovery

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
August 26, 2021
in Currencies, Markets, Spotlight
Ghana cedi under pressure amid economic recovery
Share on FacebookShare on TwitterShare on Linkedin

Ghana’s currency is facing a lot of pressure as the economy recovers and the demand for the dollar increases.

Although Ghana’s central bank has received a massive injection of dollars, the demand for the dollar has overhauled the supply causing the cedi’s slide.

According to Bloomberg, the Bank of Ghana quadrupled the amount of dollars offered at its forward-rate auction to $75 million on Tuesday, the largest since the auctions began in 2019. At the time of writing this article, the Ghanaian currency dropped to 5.9490 a dollar, indicating a strong bullish momentum of the dollar.

RelatedPosts

JP Morgan warns that oil prices could surge to $380 a barrel

Weekly Stock Update: Nigerian Exchange Group record gains, up 0.24% w-o-w

Since May, the currency of the world’s second-largest cocoa producer has declined every month as a rebound in the economy following the outbreak prompted businesses to stockpile dollars to buy products and grow.

According to government projections, the West African nation’s GDP would grow by 5% this year and next. That would be the quickest rate since the beginning of 2019. As imports climbed, the country’s trade surplus shrank to 1.2% of GDP in the first half, down from 1.5% a year earlier.

What this means

The Bank of Ghana has tried to maintain a strong cedi with an increase in dollar supply, but the continued surge in demand for the dollar has overshadowed this inflow.

Currency speculators still project that the cedis would lose more of its value as importers increase their demand due to the fast appropriating festive season.

Related

Tags: CediDollarGhana

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Financial steps you must take in your 40s to be rich
    • Nigeria’s Israel Adesanya set to earn up to $1.8million for defeating Jarred Cannonier
    • How will the Lagos Real Estate market perform in H2 2022?

    Follow us on social media:

    Recent News

    Financial steps you must take in your 40s to be rich

    Financial steps you must take in your 40s to be rich

    July 3, 2022
    Nigeria’s Israel Adesanya set to earn up to $1.8million for defeating Jarred Cannonier

    Nigeria’s Israel Adesanya set to earn up to $1.8million for defeating Jarred Cannonier

    July 3, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com