Business News of 2014-05-28

Dollar, Pound close to hitting GH¢3, GH¢5 respectively

The US dollar at forex bureaus in Ghana is close to hitting GH¢3.
It has been rallying at GH¢2.97pesewas for some time now and currency analysts fear it may hit 3 cedis by the middle of next month if current conditions don’t improve.
The cedi since the beginning of the year has depreciated against the dollar by about 24 percent.
The cedi’s fast depreciation against the dollar in the first quarter of the year pushed the bank of Ghana to introduce new and revised forex rules in February to save it from further fall.
But despite slowing down marginally the cedi is still struggling to stay above the water.
The cedi is not performing any better against the British pound, at the various forex bureaus it is also close to hitting GH¢5 cedis, now at GH¢4.95pesewas.
However on the interbank foreign exchange market where banks trade among themselves the U.S Dollar is being sold at GH¢2.88 pesewas while the British pound is at GH¢4.86 pesewas.
Currency analysts fear the dollar and pound may hit 3 and 5 cedis respectively by the middle of next month if current conditions don’t improve.
But the US dollar and the British pound are not the only major foreign currencies jabbing the cedi hard.
The Euro this week hit four cedis 1 pesewas at forex bureaus after rallying around 4 cedis for close to two weeks now.
This is not the first time the Euro is hitting four cedis this year.
In the second week of April it hit four cedis but quickly went back to GH¢3.98 peswes after a day.
Source: citifmonline
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