Pulse.com.gh logo
Go


Ghana Cedi Deppreciation Yuan helps to stabilize Ghana Cedi

Between January to March the Ghana Cedi  has experienced 1.4% compared to the first quarter of 2015 where the currency saw as much as a 15% depreciation in the Ghana Cedi.

  • Published: , Refreshed:

Reports from the Bank of Ghana have shown that the local currency, the Ghana Cedi has stabilized in the first quarter of 2016.

 This is in comparison with the first quarter of 2015.

Between January to March the Ghana Cedi  has experienced 1.4% compared to the first quarter of 2015 where the currency saw as much as a 15% depreciation in the Ghana Cedi.

The positive result has been attributed to the Bank of Ghana’s decision to diversify the currencies used in trading by the importers.

                                         Read More

Economist Dr. Adu Sakordie tells Pulse Business that the introduction of other foreign currency like the Yuan has alleviated pressure off of the Dollar, thereby ensuring that the local currency stabilized against the U.S Dollar.

“ Yes, I will say the introduction of the Yuan, especially  for local importers who trade with China has helped boost the strength of the Ghana Cedi against the Dollar.”

The economist added that  general confidence in the Bank of Ghana’s ability to stabilize the local currency has also grown over the past  6 months.

“  You also recall that around June 2016, when the Bank of Ghana announced that it will pump 20 million dollars into the economy daily to stabilize the Cedi against the Dollar, we were sceptical that they could do not. However, the relative stability seem to have restored the confidence in the Central Bank’s ability to deal with the situation, hence the performance of the Cedi”.

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 Ponzi schemes in Ghana These investments are Ponzi schemes in Ghana, so...bullet
2 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions public...bullet
3 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
4 How to make money online Online jobs; how to make money on YouTube...bullet
5 Menzgold Ghana Investment company closes down its Gold Vault Marketbullet
6 Education Top 5 private high schools in Ghana according to WAECbullet
7 Salaries In 2018 Here are the dates public workers will be...bullet
8 Mutual funds in Ghana Top 5 mutual funds in Ghanabullet
9 Tax Hikes Majority to support tax increasebullet
10 BoG cancels acquisition of adb shares by Belstar & 3...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
4 Tech 6 reasons you should buy an iPhone SE instead of any of the...bullet
5 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
6 Support Finance minister buys Kantanka carbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
9 New Phone Nokia’s MWC 2018 event in 7 minutesbullet
10 New Phones Nokia MWC 2018 Event in 5 minutesbullet

Business