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The Ghanaian cedi continues to show remarkable strength against major currencies, especially the US dollar, the latest report released by the Bank of Ghana (BoG) shows.
According to the latest Monetary Policy report by the Bank of Ghana, the cedi has shown a cumulative year-to-date depreciation of 1.7% for 2021.
With this impressive depreciation rate, the central bank and, indeed, analysts predict that the cedi is likely to end the year 2021 with the lowest rate of depreciation since 1992 and the start of the Fourth Republic.
The cedi has shown stability in the past few years, bouncing back from its highest annual depreciation rate of 31% in 2014.
While the cedi depreciated at 12.9% in 2019, it came down to 3.9% in 2020 and, with three months to go to the end of 2021, the 1.7% rate is the lowest depreciation in nearly three decades.
Positive outlook
The Monetary Policy report from the Bank of Ghana also showed improved performance in certain key sectors of the economy, though others are yet to recover from the dampening effects of the COVID-19 pandemic.
The report showed a stronger pick-up in annual GDP growth to 3.9% in the second quarter of 2021, up from the 3.1% recorded in the first quarter and a 5.7% contraction in the same period in 2020.
The report also signalled a positive outlook in the banking sector, which remains stronger and well capitalised, with stronger growth in total assets, investments and deposits.
Total assets in the banking sector increased by 16.7% as of the end of August 2021.
The profitability of Ghana’s banks remains high, with profit growth driven by increased income growth.
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