<\/p>\n
Some cedi notes<\/em><\/strong><\/p>\n THE LOCAL currency appreciated marginally against the dollar this week, trading at 7.60 from 7.63 at last week\u2019s close.<\/p>\n The Bank of Ghana (BoG) said it plans to issue GH\u00a224 billion of local bonds in the second quarter of this year, GH\u00a220 billion of which will be used to rollover existing debt and the remainder will be used for government financing needs.<\/p>\n The Ghana Cocoa Board (COCOBOD) also warned this week that cocoa output could drop by 31% this year amid a prolonged drought that has stunted the growth of cocoa pods.<\/p>\n \u201cWe expect the cedi to weaken against the dollar in the coming days due to sustained inflation and pressure on its foreign debt,\u201d AZA Finance indicated in its weekly survey of African markets.<\/p>\n The report continued that the economic fallout from Russia\u2019s war in Ukraine was causing a sharp deterioration in debt sustainability for many African nations.<\/p>\n According to the World Bank\u2019s April edition of its Africa\u2019s Pulse report, the proportion of African countries at high risk of debt distress rose to 60.5% from 52.6% in October, heightening the need for improved relief measures to help avert a potential wave of debt crises on the continent. Meanwhile, \u201cfood prices could be driven even higher and pile further inflationary pain on consumers in grain importing African countries as vessels unable to leave Ukrainian waters reduces availability and will likely push shipping rates higher,\u201d according to the International Chamber of Shipping.<\/p>\n A business desk report<\/strong><\/p>\n \n\t<\/div>\n","protected":false},"excerpt":{"rendered":" Some cedi notes THE LOCAL currency appreciated marginally against the dollar this week, trading at 7.60 from 7.63 at last week\u2019s close. The Bank of Ghana (BoG) said it plans to issue GH\u00a224 billion of local bonds in the second quarter of this year, GH\u00a220 billion of which will be used to rollover existing debt […]<\/p>\n","protected":false},"author":1,"featured_media":1063787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[4316,672,4219,6969],"class_list":["post-1063786","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-appreciates","tag-cedi","tag-dollar","tag-marginally"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1063786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1063786"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1063786\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1063786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1063786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1063786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}