Pulse.com.gh logo
Go


Economy of Ghana Dollar to sell at 4 cedis by December 2016

Comparing the trend from previous election years to this year, the report added that it is estimated that the cedi will depreciate marginally by some 0.65% to the US dollar, but appreciate by some 2.20% and 0.64% to the sterling and euro respectively by year-end.

  • Published:

The cedi is expected to sell at GHC 4 to a Dollar by December 2016.

This is according to an Accra-published report by GN Research.

“We estimate the cedi to be sold at GHC4.00, GHC5.04 and GHC4.43 to the US dollar, British pound and Euro respectively by the end of year.”

“Going forward, we expect the revamp in world crude oil prices, inflows from the US$750 million Eurobond, US$1.8 billion cocoa syndicated loan, US$116.2 million third tranche support from the IMF and the ongoing US$50 million  USD-denominated domestic bond issuance among others, to offer some respite to the cedi ahead of the December polls.”

READ ALSO: Monetary Policy Rate maintained for fourth consecutive month

Comparing the trend from previous election years to this year the report added that it is estimated that the cedi will depreciate marginally by some 0.65% to the US dollar, but appreciate by some 2.20% and 0.64% to the sterling and euro respectively by year-end.

Currently the dollar is being sold at GHC 3.9p per a dollar, whiles the euro and pound are being sold at GHC 4.3p and GHC 4.8p respectively.

The estimated depreciation of the cedi means that commodities and services will be more expensive during the election year.

The report further stated that the cedi did not depreciate against major trading currencies in the third quarter of 2016.

READ ALSO: Local food importer sues Barclays Bank Ghana $4 million

“The cedi recorded a marginal cumulative depreciation of 0.66% and 1.56% to the US dollar and euro respectively within the third quarter of 2016 (Q32016). However, the cedi posted some gains of 2.04% against the sterling in Q32016.”

“In comparison with other African currencies, the cedi performed better than the Nigerian naira, Rwandan franc, Namibian dollars, Tunisian dinar and the Zambian kwacha during the third quarter of 2016 as prices of major exporting commodities traded lower. Nevertheless, the Mauritius rupee, Moroccan dirham, Botswana pula, South African rand and Tanzanian shilling posted better results than the Ghana cedi,” the report added.

Click here to read the full report 

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
2 Special Prosecutor Here’s why Martin Amidu can’t work effectively...bullet
3 Kweku Adoboli Rogue banker denies saying Ghana is worse than prisonbullet
4 Ponzi schemes in Ghana These investments are Ponzi schemes in...bullet
5 Syndicated Loan COCOBOD seals $1.3bn syndicated loan For 2018/19...bullet
6 Salaries In 2018 Here are the dates public workers will be...bullet
7 How to create a verified PayPal account Learn how to create...bullet
8 Finance Meet the 5 richest, most successful self-made...bullet
9 Job losses Akosombo Textiles Limited fires 600 workers;...bullet
10 How to create an NGO in Ghana How to register and...bullet

Top Videos

1 Selorm Adadevoh MTN CEO dances Agbadzabullet
2 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
3 Plane Crash Starbow suspends operations following plane crashbullet
4 Forbes 2018 Africa's billionaires rich listbullet
5 Former Capital Bank staff grills pork for survivalbullet
6 Money Alert Meet Africa's richest womanbullet
7 Support Finance minister buys Kantanka carbullet
8 Dr Joseph Siaw Agyepong Nobody can collapse my company –...bullet
9 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
10 Bozoma Saint John 10 quotes from Uber top official,...bullet

Business

X
Advertisement