Cedi hits ¢10 to a dollar

The Ghana cedi has hit the ¢10 mark as it traded at ¢10.01 in the retail market yesterday August 18th, 2022.

At the same time, the cedi went for ¢10 to a euro.

The cedi’s situation has become a major worry to businesses and household consumers, as its continuous depreciation is expected to be halted by the recent measures announced by the Bank of Ghana and the expected $750 million syndicated loan.

The Bank of Ghana had introduced measures including working collaboratively with the mining firms, international oil companies, and their bankers to purchase all foreign exchange arising from the voluntary repatriation of export proceeds from mining, and oil and gas companies. This it believes will strengthen the central bank’s foreign exchange auctions, and consequently the cedi.

The inflows of the expected $750 million syndicated loan may also halt the rapid fall of the cedi in the short term.

Dollar shortage hits forex market, cedi depreciation nears ¢10 mark

Few days ago, Joy Business reported dollar shortage in the forex market as the rate of depreciation of the Ghana cedi neared GH¢10 to one US dollar.

This comes after Some Senior Relationship Managers and Treasurers confirmed the scarcity of the US dollar, adding, “the situation is bad and could get worse by the end of the week if the authorities including the Bank of Ghana do not intervene”.

Comments

MTN Ghana & MTN MoMo CEOs win laurels at Ghana CEO Awards

The Chief Executive Officer of MTN Ghana, Selorm Adadevoh , has been adjudged CEO of the Year – Telecom at the 2 nd edition of the Ghana CEO Vision and Awards held in Accra. At the same event, the CEO of Mobile Money Limited (MTN MoMo), Shaibu Haruna was also adjudged CEO of the Year – FinTech Service Provider. Selorm Adadevoh’s award is in recognition of his achievements in the areas of sustainability, leadership excellence, innovation and others in the telecoms space which has contributed to job creation to support the growth of Ghana’s economy. Patrick Afari (r), General Manager, Supply Chain Management and General Services receiving CEO of the Year – Telecom Award on behalf of Selorm Adadevoh Receiving the award on behalf of Selorm, Patrick Afari, General Manager, Supply Chain Management and General Services , expressed appreciation to the organizers for the award. He noted that th e award will go a long way to inspire MTN to do more for Ghanaian

EB-ACCION DISBURSES US$15 MILLION

By Fred SARPONG Ecobank-Accion (EB-Accion), a partnership between Ecobank Ghana Limited and Accion International has disbursed amount to the tune of $15 million to over 36,000 borrowers in Micro, Small and Medium Enterprises (MSMEs) sector in the country, since the institution was set up barely six months ago. Frances Adu-Mantey, the Managing Director of EB-Accion disclosed this to Business Week in Accra last week during the official opening of Accion Hub headquarters in Africa. The institution’s current portfolio stands at GH¢4 million. She stated that currently, EB-Accion have over 6100 customers who save with them throughout the four branches of the institution. According to her, in order to improve the services of the institution, Ecobank Share Services center will facilitate the technology aspect of the bank by networking all the branches of EB-Accion. Maria Otero, President and Chief Executive Officer of Accion International said that the center’s staff in Accra will provide supp

Amantin & Kasei Community Bank posts impressive growth, with over GH¢1m profit

Amantin and Kasei Community Bank, at Amantin in the Bono East Region has posted impressive growth in all the performance indicators during 2022 financial year under review. The bank recorded profit after tax of GH¢1,055,662, representing 35.66% more over the 2021 figure of GH¢778.151. This achievement stemmed out of 49.24% gross income growth from GH¢8,143,526 to GH¢12,153,537. Total deposits of the bank went up by 36.20%, changing from GH¢50,959,848 in 2021 to GH¢69,405,591 in 2022. The bank increased loans and advances by 22.15% from GH¢14,128,017 to GH¢17,257,614. Total assets showed an appreciation of 29.32%, amounting to GH¢77,918,288 as against GH¢60,250,693 in the previous year. On the other hand, the bank posted a marginal increase in short term investments portfolio from GH¢24,439,761 to GH¢26,585,698, indicating 8.78% change. The Chairman of Board of Directors, Amantin and Kasei Community Bank, Dr. John Oduro-Boateng, disclosed this during the 18th annual general meeting of

Kofi Ahovi

Search This Blog