{"id":1269227,"date":"2022-12-23T03:45:04","date_gmt":"2022-12-23T03:45:04","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/12\/23\/cedi-gains-on-steve-hankes-currency-watchlist-after-moving-to-14th-place-from-15th\/"},"modified":"2022-12-23T03:45:04","modified_gmt":"2022-12-23T03:45:04","slug":"cedi-gains-on-steve-hankes-currency-watchlist-after-moving-to-14th-place-from-15th","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/12\/23\/cedi-gains-on-steve-hankes-currency-watchlist-after-moving-to-14th-place-from-15th\/","title":{"rendered":"Cedi gains on Steve Hanke\u2019s Currency Watchlist after moving to 14th place from 15th"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"392\"  alt=\"\" title=\"cedis\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/12\/cedis-696x392.jpg\" data- class=\"entry-thumb td-modal-image lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"392\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/12\/cedis-696x392.jpg\"   alt=\"\" title=\"cedis\"\/><\/noscript><\/div>\n<p><strong>The Ghana Cedi has moved from the 15th position it occupied on the Hanke\u2019s Currency Watchlist to 14th on Tuesday December 20.<\/strong><\/p>\n<p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">The Johns Hopkins Professor Steve Hanke indicated that by his calculations, the Cedi <\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">depreciated 31.17% against the United States Dollar since January 2022, \u201cwhich is why <\/span><span class=\"r-18u37iz\"><a class=\"css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1cvl2hr r-1loqt21 r-poiln3 r-bcqeeo r-qvutc0\" dir=\"ltr\" role=\"link\" href=\"https:\/\/twitter.com\/hashtag\/Ghana?src=hashtag_click\">#Ghana<\/a><\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> is in 14th place in this week\u2019s Hanke\u2019s <\/span><span class=\"r-18u37iz\"><a class=\"css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1cvl2hr r-1loqt21 r-poiln3 r-bcqeeo r-qvutc0\" dir=\"ltr\" role=\"link\" href=\"https:\/\/twitter.com\/hashtag\/CurrencyWatchlist?src=hashtag_click\">#CurrencyWatchlist<\/a><\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">. Thanks to Pres. Akufo-Addo, Ghana is in an economic death spiral.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">By my calculations, the Ghanaian <a href=\"https:\/\/twitter.com\/hashtag\/cedi?src=hash&#038;ref_src=twsrc%5Etfw\">#cedi<\/a> has depreciated 31.17% against the USD since Jan. 2022, which is why <a href=\"https:\/\/twitter.com\/hashtag\/Ghana?src=hash&#038;ref_src=twsrc%5Etfw\">#Ghana<\/a> is in 14th place in this week&#8217;s Hanke\u2019s <a href=\"https:\/\/twitter.com\/hashtag\/CurrencyWatchlist?src=hash&#038;ref_src=twsrc%5Etfw\">#CurrencyWatchlist<\/a>. Thanks to Pres. Akufo-Addo, Ghana is in an economic death spiral. <a href=\"https:\/\/t.co\/3ZCuqVeQfI\">pic.twitter.com\/3ZCuqVeQfI<\/a><\/p>\n<p>\u2014 Steve Hanke (@steve_hanke) <a href=\"https:\/\/twitter.com\/steve_hanke\/status\/1605284401566437382?ref_src=twsrc%5Etfw\">December 20, 2022<\/a><\/p>\n<\/blockquote>\n<p>He previously placed Cedi15th among a list of nineteen performing currencies.<\/p>\n<p>\u201cBy my calculations, the Ghanaian Cedi has depreciated 34.17% against the USD since Jan. 2020, which is why Ghana is in 15th place in this week\u2019s Hanke\u2019s #Currency Watchlist,\u201d one of his earlier tweets said.<\/p>\n<p>\u201cTo save the cedi,\u201d he said, \u201cGhana must mothball its central bank and install a #CurrencyBoard.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">By my calculations, the Ghanaian <a href=\"https:\/\/twitter.com\/hashtag\/cedi?src=hash&#038;ref_src=twsrc%5Etfw\">#cedi<\/a> has depreciated 34.17% against the USD since Jan. 2020, which is why <a href=\"https:\/\/twitter.com\/hashtag\/Ghana?src=hash&#038;ref_src=twsrc%5Etfw\">#Ghana<\/a> is in 15th place in this week&#8217;s Hanke\u2019s <a href=\"https:\/\/twitter.com\/hashtag\/CurrencyWatchlist?src=hash&#038;ref_src=twsrc%5Etfw\">#CurrencyWatchlist<\/a>. To save the cedi, Ghana must mothball its central bank and install a <a href=\"https:\/\/twitter.com\/hashtag\/CurrencyBoard?src=hash&#038;ref_src=twsrc%5Etfw\">#CurrencyBoard<\/a>. <a href=\"https:\/\/t.co\/qibcFwfXsJ\">pic.twitter.com\/qibcFwfXsJ<\/a><\/p>\n<p>\u2014 Steve Hanke (@steve_hanke) <a href=\"https:\/\/twitter.com\/steve_hanke\/status\/1556641387663298561?ref_src=twsrc%5Etfw\">August 8, 2022<\/a><\/p>\n<\/blockquote>\n<p>The Cedi has been gaining strength against the major trading currencies particularly, the Dollar starting December 2022.<\/p>\n<p>Per the Bank of Ghana (BoG) rate, the Cedi, as of Monday December 19, was buying at GHS7.9970 to a Dollar and and selling at GHS8.0050 to a Dollar.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bank of Ghana Exchange Rates <a href=\"https:\/\/t.co\/zCoPKhiBP6\">pic.twitter.com\/zCoPKhiBP6<\/a><\/p>\n<p>\u2014 Bank of Ghana (@thebankofghana) <a href=\"https:\/\/twitter.com\/thebankofghana\/status\/1605119669823631360?ref_src=twsrc%5Etfw\">December 20, 2022<\/a><\/p>\n<\/blockquote>\n<p>President\u00a0Nana Addo Dankwa Akufo-Addo\u00a0indicated that the Cedi\u2019s appreciation against the US Dollar is as a result of the measures taken by his government in partnership with the central bank, the Bank of Ghana (BoG).<\/p>\n<p>Mr Akufo-Addo said the appreciation did not happen by chance.<\/p>\n<p>Speaking at the centenary celebration of the Ga presbytery of the\u00a0Presbyterian Church of Ghana\u00a0in Accra on Sunday December 18, he said \u201cAt the height of our challenges there were some who doubted the capabilities of my government and I to return our nation back onto the path of progress and and prosperity and lift us out of our current problems. In those dark moments, my fellow Ghanaians and and congregation, I could only recount the words of the St Matthew chapter 19 vrs 26 which states \u2018But Jesus looked at them and said to them, with men this is impossible but with God all things are possible.\u201d<\/p>\n<p>He added \u201cWith the appropriate policy, determination and hard work on our part things are beginning to turn around. What seemed impossible yesterday is now becoming possible. We are definitely not yet out of the woods. However, today, the Cedi is rapidly appreciating against the US Dollar and all major currencies, making up for its losses and the prices of petroleum products are reducing at the pump.<\/p>\n<p>\u201cThe strengthening of the Cedi has not happened by chance but through the implementation of deliberate policies by government in collaboration with the Bank of Ghana. These include Cedi liquidity tightening measures resulting in the offloading of forex as stalled value by speculators, the improvement of forex inflows from remittances and the mining sector and the reaching of the staff level agreement with the IMF for a 3 billion US Dollar package. All these have combined to bring the Cedi to this position and I can assure you that government will continue to work hard to maintain and sustain the gains made.<\/p>\n<p>\u201cIndeed, in the weeks ahead, the BoG will continue with the purchases of forex from the mining and oil sectors to enhance liquidity supply to the markets, continue with single unified forex forward auction and some modest targeted bilateral support\u00a0 to critical import.\u201d<\/p>\n<p><strong>By Laud Nartey|3news.com|Ghana<\/strong><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ghana Cedi has moved from the 15th position it occupied on the Hanke\u2019s Currency Watchlist to 14th on Tuesday December 20. The Johns Hopkins Professor Steve Hanke indicated that by his calculations, the Cedi depreciated 31.17% against the United States Dollar since January 2022, \u201cwhich is why #Ghana is in 14th place in this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1209577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[670,17666,672,673,1925,24340,5422,1722,5076,30001],"class_list":["post-1269227","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-14th","tag-15th","tag-cedi","tag-currency","tag-gains","tag-hankes","tag-moving","tag-place","tag-steve","tag-watchlist"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1269227","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=1269227"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1269227\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1269227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1269227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1269227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}