The S&P Purchasing Managers’ Index (PMI) rose to 48.8 in July from June's 48.5.

Ghana: PMI hits highest reading since February in July, but remains below the 50-threshold.

Ghana: Inflation comes in at highest level since November 2003 in JulyĬonsumer prices rose a seasonally-adjusted 3.15% in July over the previous month, picking up from the 3.02% rise recorded in June.

Ghana: Central Bank calls emergency meeting, hikes policy rate by 300 basis pointsĪt an extraordinary meeting on 17 August, the Monetary Policy Committee of the Bank of Ghana (BoG) hiked its policy rate by 300 basis points to 22.00%-the largest hike in 22 years.

On top of that, elevated uncertainty over fiscal discipline ahead of the presidential elections at the end of the year remains a notable risk to the outlook.įocusEconomics panelists see the cedi ending 2020 at 6.19 per USD and 2021 at 6.45 per USD Looking ahead, the cedi is expected to weaken further before year-end, as the coronavirus-related downturn weighs on economic activity both at home and in the external arena. The Central Bank’s recent emergency rate cut seemingly added further downside pressure on the cedi.

This dented demand for Ghanaian sovereign bonds which, coupled with Ghana’s rapidly deteriorating growth outlook owing to its dependence on commodity exports, weighed on the cedi over the past few weeks. Rising fears that the Covid-19 pandemic could push the global economy towards recession set global commodity prices tumbling and saw investors fleeing emerging market assets. Meanwhile, the currency was up1.0% year-to-date although it was down 7.2% year-on-year. On 20 March, the currency traded at 5.65 per USD, marking a 5.8% depreciation over the same day in February. dollar through end of March as the global fallout from the coronavirus pandemic intensified. The Ghanaian cedi lost most of its early-year gains against the U.S. Ghanaian cedi (GHS) to U.S.Ghana - Exchange Rate Cedi slumps in March as coronavirus fears mount.Last updated: Septemat 12:05 AM CET Most popular currency exchange rate conversion pairs Top currency exchange rates at Convertworld General information about GHS To EUR Conversion category: The ESCB participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the Eurozone payment systems.

As an independent central bank, the ECB has sole authority to set monetary policy. The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the European System of Central Banks (ESCB) (composed of the central banks of its member states). All EU member states are eligible to join if they comply with certain monetary requirements and eventual use of the euro is mandatory for all new EU members. The euro was introduced to world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes in 2002. It is the single currency for over 300 million Europeans. The euro (currency sign: € banking code: EUR) is the official currency of the European Union member states of Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain, also known as the Eurozone.

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