cedi – DIGIT INFO

Ghanaian Cedi Appreciates by More Than 30% in 4 Days — Currency Recovery Follows IMF Loan Announcement

DIGIT — Sun, 18 Dec 2022 09:00:56 +0000

Just a few months after it became the world’s worst-performing currency, the Ghanaian cedi’s exchange rate versus the U.S. dollar bounced back from just over 14 units per dollar on Dec. 1, to 8 units for every dollar by Dec. 16, new data has shown. The currency’s resurgence appears to have been fueled by reports […]

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The World’s Weakest Currency, Kiyosaki Says Greenback Is ‘Toast,’ IRS Crypto Tax Update and More — Bitcoin.com News Week in Review

DIGIT — Sun, 30 Oct 2022 12:30:37 +0000

In this week’s hottest stories from Bitcoin.com News: the Ghanaian cedi’s recent slide to a new low against the USD, Rich Dad Poor Dad author Robert Kiyosaki weighs in on Saudi Arabia’s move to join the BRICS nations, the United States Internal Revenue Service updates tax filing instructions for crypto, and more. Report: Ghanaian Cedi […]

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Report: Ghanaian Cedi Slides Further Versus the US Dollar to Become World’s Worst-Performing Currency

DIGIT — Mon, 24 Oct 2022 07:30:32 +0000

As Ghana waits for a financial bailout from the International Monetary Fund (IMF), the country’s currency continued its slide versus the dollar after the respective currencies’ exchange rate slipped to just under C15:$1. Following this latest plunge, the cedi has now depreciated by more than 55% in 2022 and this makes it the world’s worst-performing […]

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Latest Ghana Benchmark Rate Hike the Largest on Record — President Promises Action Against ‘Unacceptable Depreciation of the Cedi’

DIGIT — Tue, 23 Aug 2022 09:30:46 +0000

After seeing Ghana’s inflation rate surge to 31.7% in July, the Bank of Ghana responded by hiking the benchmark interest rate by 300 basis points. In addition to the rate hike, the central bank said it will gradually raise banks’ primary reserve requirements. One expert has said President Nana Akufo-Addo must trim the size of […]

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Latest Ghana Inflation Rate the Highest in 19 Years — Economist Recommends Installation of Currency Board

DIGIT — Tue, 16 Aug 2022 10:00:59 +0000

Ghana’s ongoing economic woes appeared to worsen in July after data from the country’s statistical agency, Ghana Statistical Service, suggested that the inflation rate is now nearly 31.7%. The nearly 2% increase in the country’s inflation rate comes at a time when the local currency is reported to have depreciated by as much as 30% […]

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Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods in Forex

DIGIT — Tue, 12 Apr 2022 07:30:05 +0000

The Bank of Ghana has warned businesses and the public against the practice of demanding or making payments in foreign currency without its authorization. The central bank’s warning comes just over a month after Ghana’s currency was rated the worst performing among Africa’s top currencies. Violators Face Possible Prison Time The Ghanaian central bank has […]

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Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims

DIGIT — Fri, 04 Jun 2021 06:00:40 +0000

The governor of Ghana’s central bank, Ernest Addison, has said his institution is now “in the advanced stages of introducing a digital currency.” However, before its release into circulation, the digital currency—which is also known as the “e-cedi”— will first have to go “through three phases.” Bank of Ghana’s Embrace of Emerging Fintechs In his […]

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