Connect with us

Business

Cedi to end 2023 at ¢12.40 to a dollar – Fitch Solutions

Published

on

Ghana cedi is expected to end 2023 at ¢12.40 to one US dollar, Fitch Solutions has predicted.

This means the rate of depreciation will be far lower than the 38% recorded last year.

The research and market information firm’s argument is based on the premise that Ghana will secure an International Monetary Fund-support programme by May 2023 that will go a long way to cushion the cedi against foreign exchange pressures.

It added that while short-term exchange rate volatility will persist, it believes the cedi will stabilise once a formal creditors’ committee is formed and the IMF executive board approves Ghana’s programme. The cedi has so far depreciated by about 14% to the US dollar in the retail market, selling at about ¢12. However, it has lost about 21% in value to the American greenback on the interbank forex market, going for about ¢10.95.

For the past two weeks, the local currency has posted mixed performance on the markets, although the Central Bank increased its intervention in the spot market. This is due to heightening demand for foreign exchange as a result of market uncertainties.

Last week, the cedi lost 1.03% week-on-week against the dollar, closing at a mid-rate of ¢12.10 to one US dollar$.

It also lost 1.34% against the pound and 0.96% against the euro.

Eye witness to any social issue, occurance or any form of information you would like to share, kindly send via Email : modernnewsgh@gmail.com or WhatsApp : 0553506856 / 0246319949

Business

My next administration will set a new standard in governance – Mahama

Published

on

Former president John Dramani Mahama has cautioned members of the National Democratic Congress not to repeat the mismanagement and corrupt practices currently being experienced under the Akufo-Addo-led administration if the NDC regains power.

Speaking at the 44th anniversary of the June 4th uprising in Hohoe, former president Mahama said, the commemoration of the June 4th uprising is to guard the survival of democracy and reflect on the current happenings in the country.

According to the former president, the country under the NPP is failing which is negatively affecting the ordinary Ghanaian and called for a United NDC going into the 2024 elections.

“We are responsible for organizing and letting our message of hope reach everyone across the length and breadth of our land. The dark days will last only for a moment more and a new dawn is lurking on the horizon.

“And when that new dawn breaks, the governmental rot, the economic hardships and the insensitivity to the plight of the people and the offensive corruption and waste of the people’s resources will be a thing of the past.

“Do not allow people who have made lives difficult for you all these years to mislead you with hollow sloganeering, and shallow populism. Do not allow them to confuse you that you must vote for them in 2024 because of your origin or family ties… In government, we must be different from what the NPP has been, we must set a new standard in governance so that Ghanaians will appreciate that we are not condemned as a people to live with this level of greed and impunity.”

Meanwhile, the NDC Parliamentary candidate-elect in the Hohoe constituency, Worlanyo Tsekpo has promised to reclaim the Parliamentary seat it lost in the 2020 elections.

Speaking at the 44th-anniversary celebrations of the June 4th uprising in Hohoe, Mr Tsekpo stated that, the anger of the people of the Hohoe constituency is high and that would spur the people to change its representative in the 2024 elections.

“The uprising happened because of lies, and today it is worse than before, the uprising happened because of corruption, today people are praised and honoured for being corrupt in our beloved country.

“We are ready to deliver the Hohoe seat back to the NDC. We are ready to make John Mahama, the next president of Ghana.”

Eye witness to any social issue, occurance or any form of information you would like to share, kindly send via Email : modernnewsgh@gmail.com or WhatsApp : 0553506856 / 0246319949
Continue Reading

Business

Mahama woos expat investors to come to Ghana

Published

on

Former President John Dramani Mahama has outlined the investment opportunities that exist in Ghana to Korean investors in a bid to woo them to invest in the West African country.

In his keynote address at the Korean-Africa Business Summit, he said that there is a high demand for technology solutions in Ghana’s agriculture value chain and agri-business.

A viable partnership can be developed to provide digital solutions for producing animals and crops, he added.

He also told the expatriate investors that Ghana has a significant endowment in natural resources. Ghana is blessed with gold, bauxite, manganese, oil, and, lately, lithium.

“Food production and Agri-business are other areas in which Africa has a comparative
advantage.

“There is a demand for technology solutions in Ghana’s agriculture value chain and agri-business. A viable partnership can be developed to provide digital solutions for producing animals and crops.

“Ghana has a significant endowment in natural resources. Ghana is blessed with gold, bauxite, manganese, oil, and, lately, lithium. A collaboration between Ghana and Korea to use Ghanaian lithium to build batteries for the EV revolution in the world would be a mutually beneficial venture. Korea is a leading shipbuilding nation. Ghana has a shipyard built by our first President,” he said.

He added “It requires retooling and efficient management. A partnership between the Korean shipbuilding industry and the Ghana Ports and Habours Authority (GPHA) will make the shipyard the sole provider of services to merchant vessels and oil vessels from Mauritania to Namibia.

“There is an excellent opportunity for the introduction of feeder vessels along the coast of Africa to redistribute African-produced goods and imported cargo at a more optimal cost than is currently the case.

“The power sector presents an enormous opportunity for Korean investments in Africa. The
continent has a huge demand for energy to drive its economic growth. Korea has the
technology and know-how in the traditional energy sector and renewables. There is no better case for cooperation than this.”

Eye witness to any social issue, occurance or any form of information you would like to share, kindly send via Email : modernnewsgh@gmail.com or WhatsApp : 0553506856 / 0246319949
Continue Reading

Business

Ken Agyapong promises to prioritise local businesses, says dominance of foreigners isn’t helpful

Published

on

Flagbearer hopeful of the New Patriotic Party (NPP) Ken Ohene Agyapong has said in order to develop as a country there must be deliberate policies to grow local businesses.

Today, he said, the commanding height of the Ghanaian economy has been given to foreigners.

Whether in the mining, oil and gas, housing, or even the retail sector, non-Ghanaians play dominant roles while Ghanaians play subservient roles within their own country, he said.

In the public sector, he said, foreign businesses are given more favorable treatment than Ghanaian-owned businesses.

“Changing this narrative would require focused leadership that believes in the ‘Ghana First Agenda (GFA)’,” he said in a statement.

The need for all Ghanaians to adopt the “Ghana First Agenda” has become more imperative now than ever.

Ghana’s development has and continues to lag behind, and the reasons are not far-fetched.

A wanton lack of Patriotism, individual greed, avarice, and selfishness have become our bane, which is stalling the country’s forward march.

Today the commanding height of the Ghanaian economy and almost every facet of our social life have been given to foreigners.

Whether in the mining, oil and gas, housing, or even the retail sector, non-Ghanaians play dominant roles while Ghanaians play subservient roles within our country.

In the public sector, foreign businesses are given more favorable treatment than Ghanaian-owned businesses.

In the private sector, Ghanaians work twice as hard for foreign-owned businesses as they work for businesses owned by fellow Ghanaians.

Changing this narrative would require focused leadership that believes in the “Ghana First Agenda” (GFA).

But it is important to note that a Ghana First Agenda does not mean mistreating anything foreign – it just means Ghana’s interest would no longer take a back seat to any other interests.

Straight-talking Ken has over the years demonstrated his unflinching love for Ghana and will ensure that Ghana’s interests always come first ahead of any foreign or individual interests.

Eye witness to any social issue, occurance or any form of information you would like to share, kindly send via Email : modernnewsgh@gmail.com or WhatsApp : 0553506856 / 0246319949
Continue Reading

Google News

Our Facebook

Exchange Rate

CurrencyRate

Top 100 Songs In Ghana

Premier League (Ghana)

Eredivisie (Netherlands)

Premier League (England)

La Liga (Spain)

Serie A (Italy)

Bundesliga (Germany)

Ligue 1 (France)

Trending