{"id":1221123,"date":"2022-10-11T09:32:42","date_gmt":"2022-10-11T09:32:42","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/10\/11\/cedi-to-endure-depreciation-pressures-against-dollar-others-report\/"},"modified":"2022-10-11T09:32:42","modified_gmt":"2022-10-11T09:32:42","slug":"cedi-to-endure-depreciation-pressures-against-dollar-others-report","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/10\/11\/cedi-to-endure-depreciation-pressures-against-dollar-others-report\/","title":{"rendered":"Cedi to endure depreciation pressures against dollar, others \u2013 Report"},"content":{"rendered":"

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The Ghana cedi s likely to endure depreciation pressures in the near term as the foreign exchange market still awaits news on the Debt Sustainability Analysis [DSA] conducted by the International Monetary Fund.<\/p>\n

However, the syndicated loan of $1.13 billion signed last week is expected to bolster dollar supply and provide some reprieve to the local currency.<\/p>\n

\u201cThe local unit [cedi] is likely to endure depreciation pressures in the near term as the market still awaits news on the DSA conducted by the IMF. The syndicated loan of $1.13 billion signed last week is expected to bolster FX supply and provide some reprieve to the cedi\u201d, Databank Research said.<\/p>\n

As portfolio outflows drained reserves, Ghana\u2019s gross international reserves fell to 2.9 months of import cover. This is despite impressive earnings from exports of crude oil and gold.<\/p>\n

In the bi-weekly Foreign Forward auction, the Bank of Ghana allotted $25 million. But the resultant bid-to-cover ratio was 4.01x, as demand continued to outstrip supply, albeit at a reduced rate.<\/p>\n

It\u2019s presently trading at about \u00a211 on average at the forex bureaus.<\/p>\n

Cedi loses 3.2% value to dollar last week<\/strong><\/p>\n

Last week, the cedi was relatively stable on the interbank market, trimming 0.34% vs the dollar, 0.02% against the pound, and 0.06% to the euro.<\/p>\n

However, the local currency saw a sizeable depreciation in the retail market, shaving 3.23% to the greenback, 5.43% vs the pound, and 5.48% to the euro.<\/p>\n

Some analysts are however hopeful the Finance Minister, Ken Ofori-Atta and his team who are in Washington, DC, will fast-track the economic programme that the country is seeking to have to address the current economic challenges, particularly the cedi.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Ghana cedi s likely to endure depreciation pressures in the near term as the foreign exchange market still awaits news on the Debt Sustainability Analysis [DSA] conducted by the International Monetary Fund. However, the syndicated loan of $1.13 billion signed last week is expected to bolster dollar supply and provide some reprieve to the […]<\/p>\n","protected":false},"author":1,"featured_media":1212504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[672,2129,4219,8149,13634,1584],"class_list":["post-1221123","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-cedi","tag-depreciation","tag-dollar","tag-endure","tag-pressures","tag-report"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1221123","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=1221123"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1221123\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1221123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1221123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1221123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}