{"id":13022,"date":"2025-09-04T08:39:25","date_gmt":"2025-09-04T08:39:25","guid":{"rendered":"https:\/\/www.fishfmonline.com\/?p=13022"},"modified":"2025-09-04T08:39:25","modified_gmt":"2025-09-04T08:39:25","slug":"cedis-world-beating-performance-upended-by-surge-in-imports","status":"publish","type":"post","link":"https:\/\/www.fishfmonline.com\/?p=13022","title":{"rendered":"Cedi\u2019s world-beating performance upended by surge in imports"},"content":{"rendered":"<p>A surge in demand for dollars by companies paying for imports before the year-end holiday season has ended the Ghanaian cedi\u2019s world-beating performance.<\/p>\n<p>According to data from Bloomberg, the currency of Africa\u2019s biggest gold producer weakened 13% so far this quarter \u2014 the biggest decline globally.<\/p>\n<p>That\u2019s erased some of the cedi\u2019s 50% gain that was underpinned by a stronger bullion price and saw it ranked as the world\u2019s best performer in the three months through June.<\/p>\n<p>The central bank\u2019s inability to supply sufficient foreign currency to the market has contributed to the cedi\u2019s current weakness, according to analysts including Hamza Adam, head of market-risk management at UMB Bank Ltd.<\/p>\n<div class=\"jeg_ad jeg_ad_article jnews_content_inline_2_ads  \">\n<div class=\"ads-wrapper align-center \">\n<div class=\"ads_shortcode\">\n<div class=\"a-single a-10\"><a href=\"https:\/\/www.vallexlease.com\/\"><img loading=\"lazy\" decoding=\"async\" class=\"entered litespeed-loaded\" src=\"https:\/\/citinewsroom.com\/wp-content\/uploads\/2025\/08\/VL-970x250-1.png\" width=\"970\" height=\"250\" data-lazyloaded=\"1\" data-src=\"https:\/\/citinewsroom.com\/wp-content\/uploads\/2025\/08\/VL-970x250-1.png\" data-ll-status=\"loaded\" data-pin-no-hover=\"true\" \/><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>\u201cAs at last week, banks that filed dollar needs on behalf of their clients to the Bank of Ghana got about half of their requests,\u201d he said by phone from the capital, Accra. \u201cThis week the central bank is trying to meet all demand.\u201d<\/p>\n<p>The cedi traded 0.1% weaker at 11.9507 per dollar by 1:50 a.m. in Accra. On a year-to-date basis, it\u2019s gained 23%.<\/p>\n<p>Ghana\u2019s import-dependent economy ships in everything from food to machinery. Demand for products from abroad tends to increase toward the end of the year as businesses stock up before the Christmas-holiday season.<\/p>\n<p>While Ghana\u2019s gross international reserves soared to a three-year high of $11.1 billion by the end of June, the central bank won\u2019t deploy sufficient funds to fully meet demand for foreign exchange.<\/p>\n<p>\u201cThe cedi should be stable within a reasonable range,\u201d the bank said in an emailed response to questions. \u201cOur role at the Bank of Ghana is to ensure that fluctuations remain orderly, that they reflect fundamentals and that they do not undermine confidence in the broader economy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A surge in demand for dollars by companies paying for imports before the year-end holiday season has ended the Ghanaian cedi\u2019s world-beating performance. According to data from Bloomberg, the currency of Africa\u2019s biggest gold producer weakened 13% so far this quarter \u2014 the biggest decline globally. That\u2019s erased some of the cedi\u2019s 50% gain that [&hellip;]<\/p>\n","protected":false},"author":123457,"featured_media":13024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[9,3949,3507],"tags":[4014,2872],"class_list":["post-13022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-exchange-rate","category-national","tag-bloomberg","tag-ghana-cedi"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/123457"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13022"}],"version-history":[{"count":1,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13022\/revisions"}],"predecessor-version":[{"id":13025,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13022\/revisions\/13025"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/13024"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}