Ghana’s Micro, small and medium enterprises (MSMEs) sector is set to see a major boost as the Monetary Authority of Singapore (MAS), Bank of Ghana (BOG) and Development Bank Ghana (DBG) have signed a Memorandum of Understanding (MOU) to develop the Ghana Integrated Financial Ecosystem (GIFE). The Ecosystem aims to enhance financial capabilities and access
The Ghana cedi has returned to a depreciation trajectory after ending last week with a marginal appreciation. The cedi opened this morning November 7, 2022, going for ¢13.95 to one US dollar in the retail or forex market. However, it has since declined in value to ¢14.20 to one American ‘greenback’, the average quote by
Bloomberg has stated that with barely five weeks to end the year, the Ghana cedi has come under intense pressure and is being classified among African currencies with the ‘Worst Spot Returns’. It’s now ranked 14th among 20 top African currencies tracked by Bloomberg. It was actually the best performing currency in Africa in the first
Although the Ghanaian local currency – the cedi – is confronted with heightened risk, Databank, the assets management company, has maintained its year-end forecast for the interbank Bank of Ghana (BoG) reference rate at GH¢6.05/USD (± 10Pesewas). Currently, the imminent depreciation risks emanate from threats of a taper-induced selloff which heightened since the third quarter
The Ghana cedi is now operating above 6 cedis as demand for the American ‘greenback’ continues to roll. Data gathered from Reuters and Databank Research indicates that a dollar is going for more than ¢6. On another hand, the forex bureaux are selling the local currency between ¢6.1 and ¢6.14 to a dollar. The cedi
The Bank of Ghana (BoG) has disclosed that it will add a minimum of $800 million to the country’s reserves this month to stabilise the cedi against major international currencies, especially the dollar. The Head of Financial Markets at the central bank, Mr Steven Opata, revealed that the accumulation of more dollars would help increase
