The Ghanaian Cedi continues to point out outstanding power in opposition to main currencies, particularly the US Greenback, the newest report launched by Financial institution of Ghana signifies.

In line with the newest Financial Coverage Report by the Financial institution of Ghana, the Cedi has proven a cumulative year-to-date depreciation of 1.7% for 2021.

With this spectacular depreciation fee, the Central Financial institution, and certainly analysts undertaking that the Cedi is more likely to finish the yr 2021 with the bottom fee of depreciation since 1992 and within the 4th Republic.

The Cedi has proven stability up to now few years, bouncing again from its highest annual depreciation fee of 31% in 2014.

Whereas the Cedi depreciated at 12.9% in 2019, it got here down to three.9% in 2020, and with three months to finish 2021, the 1.7% is the bottom depreciation in practically three many years.

The Financial Coverage Report from the Financial institution of Ghana additionally indicated improved performances in some key sectors of the financial system whereas different sectors are nonetheless but to get well from the dampening results of the COVID-19.

The report confirmed a stronger decide up in annual GDP development to three.9% within the second quarter of 2021, from the three.1% recorded within the first quarter, and a 5.7% contraction in the identical interval of 2020.

The report additionally indicated a constructive outlook within the banking sector, which stays stronger and well-capitalized, with stronger development in complete property, investments and deposits. Complete property elevated by 16.7% as at end-August. Profitability ranges of the banks stay excessive, with revenue development pushed by elevated revenue development.

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