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Cedi Is Still Gaining Value

The local currency is still gaining strength even if the foreign exchange market experienced some seasonal pressures in February and the first few days of March this year.

Cedi Is Still Gaining Value

Cedi Is Still Gaining Value

The Bank of Ghana (BoG) stated that payments to the energy and corporate sectors, as well as the US dollar’s strengthening on global markets, were the primary sources of these pressures.

Dr. Ernest Addison revealed them at a press conference in Accra yesterday. They were further exacerbated by the delays and uncertainties surrounding the second tranche of the cocoa loan inflow and the World Bank’s budget support release.

According to him, changes in the three primary export commodities’ output and price movements during the first two months have led to a somewhat smaller trade surplus than it was a year earlier.

For the first two months of 2024, there was a trade surplus of US$0.39 billion, as opposed to US$0.86 billion for the same time in 2023. This resulted from a greater expansion in imports than in exports.

The shipping of gold and crude oil was the primary cause of the 1.6% increase in total export earnings to US$2.9 billion. Gold exports increased 16.6% to US$1.3 billion, primarily as a result of increased production from both large- and small-scale miners.

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