The Bank of Ghana (BoG) has advised customers dealing with any licensed financial institution in the country to make it a habit to always ensure that they know the source of any funds they receive in their accounts. According to the Central Bank, customers are responsible for any activity that takes place on their bank accounts and are liable for any sanctions or...
The Bank of Ghana has re-emphasised that its digital currency – the eCedi will meet very high security requirements. As a result, currency issuance and distribution modules of the core eCedi infrastructure will be separated to address cyber risk. In a document revealing its design document, the Central Bank said the eCedi which is in pilot phase will also be scalable...
Some forex bureaus and banks are now selling the local currency at ¢8 to one US dollar on the retail market. This takes the depreciation of the cedi to the American ‘greenback’ to a little above 16% since the beginning of 2022. However, the local currency has lost 1.45% in value to the world’s most important currency in only three days...
The Bank of Ghana has adopted a retail token-based central bank digital currency (CBDC) as the ‘eCedi of choice’, which enables the currency to be stored locally on a card, on a phone, or a smart device and can be passed on from one user to another. The retail CBDC is digital cash that is designed to take...
The rate of depreciation of the Ghana cedi has slowed down, as the local currency went down by a little above 0.20% to the dollar the whole of last week. This will come as good news to businesses, importers and consumers who are worried about the rapid decline in the value of the local currency. The cedi has, however, lost 14.44%...
Prof Peter Quartey, the director of the Institute of Statistical, Social and Economic Research (ISSER) has attributed the recent sharp depreciation of the Ghana Cedi mainly to unnecessary speculation on the market. Bloomberg last month rated the Cedi as the worst-performing currency among Africa’s top currencies. It pegged the depreciation of the Cedi to the Dollar at 8.86% between 1 January 2022 and 25 February 2022. Talking...
Analysts fear impact on economy in case of mass exit Offshore investors’ participation in the equities market as of February-ending remains at 80 percent of trading, a situation some analysts fear may have negative impacts on the local economy if there is a mass exit due to unfavourable market conditions. Following announcement of the proposed 1.75 percent levy on electronic (E-levy)...
The Ghana cedi has again suffered a worrying rate of depreciation in just a week into March this year, a Joy Business report has said. According to the portal, the rate of the cedi’s depreciation against the US Dollar doubled to 14.21 percent in the first week of March since the start of 2022. This comes after the local currency earlier recorded a...
There are new technologies everywhere. These are unleashed on the world almost on a daily basis. It is meant to make lives worth living because it makes things easier to deal with. Difficult tasks are simplified and the speed at which one gets results is hastened. It has cut a lot of cost of doing things and brought in its...
The national year-on-year inflation rate has increased to 15.7% in February 2022, which is 1.8 percentage points higher than the 13.9% recorded in January 2022, the Ghana Statistical Service (GSS) has said. Professor Samuel Kobina Anim, the Government Statistician said this is the highest figure recorded since 2016. Month-on-month inflation between January 2022 and February 2022 was 2.4%. According to the GSS, three divisions (housing,...
