Ghana cedi greatly appreciates against dollar, pounds and euros in January 2020
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Ghana cedi greatly appreciates against dollar, pounds and euros in January 2020

- Data released by the Bank of Ghana indicates that the Ghana cedi has enjoyed a good run against its major trading currencies in the first month of 2020

- It has appreciated against all the three major currencies, the dollar, euro and pound sterling

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Data released by the Bank of Ghana indicate that the Ghana cedi has enjoyed a good run against its major trading currencies in the first month of 2020.

It has appreciated against all the three major currencies, the dollar, euro and pound sterling.

According to a report by Citi Business News, the cedi, which depreciated against all the three currencies in 2019, has found a renewed strength and has so by far held its own to make gains on its trading partners.

In the Bank of Ghana’s latest Summary of Economic and Financial Data, the cedi in the first month of the year has so far appreciated by 0.3 percent against the dollar, made a 1.9 percent gain on the British pound, while recording a 2.3 percent appreciation against the Euro.

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According to the report, the cedi depreciated 12.9 percent, 15.7 percent and 11.2 percent against the dollar, pound and euro respectively in 2019.

The cedi’s strong performance is credited to the measures put in place by the central bank as well as the Finance Ministry to resolve the cedi’s perennial struggles against its major trading partners.

The central bank, among other things, announced the commencement of forward fx auctions which basically allows banks and other dealers to make advance purchases of foreign currency to be supplied at an agreed rate later on.

The Bank of Ghana, however, adopted this to help in regulating the supply of foreign currency and to stabilize the cedi for some time.

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In other news, the Majority Leader in Parliament, Osei-Kyei Mensah Bonsu has revealed that it would be deadly for the New Patriotic Party(NPP) to allow other persons to contest him and others in the party’s upcoming parliamentary primaries.

The majority leader in an interview said the NPP would do itself a great disservice if it allows persons such as himself, the First Deputy Speaker and the Minister of Education to be contested.

According to him, due to the nature of their jobs in Accra, they hardly find time to visit their constituencies to interact with them.

READ ALSO: NPP will suffer if someone dares contest my seat - Osei-Kyei Mensah Bonsu

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Source: Yen

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