• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 9, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

The Worst Days of The Cedi Are Over – Dr. Ernest Addison

January 17, 2023
Stephen M.Cby Stephen M.C
in Banking, Finance
0
The Worst Days of The Cedi Are Over – Dr. Ernest Addison

Dr. Ernest Kwamina Yedu Addison - Governor, Bank of Ghana

Dr. Ernest Addison, the Governor of the central bank of Ghana has expressed confidence in the cedi not going back to its worst days despite the fact that the dollar has begun gaining grounds against the cedi again.

According to Dr. Addison, the poor performance of the currency as witnessed in the previous year, 2022 will not repeat itself. This, the governor said can be made possible if the debt exchange programme is successful.

“Government has announced a debt stand still and that debt standstill means that the outflows – the money used to service foreign debt will not go out anymore. That gives us a lot of room and takes pressure off the foreign exchange market.

“So because of that debt standstill, I can say that we should expect the currency to remain relatively stable. I can stick my neck out that, we will not see the sort of things we saw in 2022 if everything works well.”

Dr. Addison

Dr Addison however admitted to the parliamentary public accounts committee that the country has insufficient foreign reserves, with import coverage lasting only about a month and a half.

RelatedPosts

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

CalBank Marks 35 Years of Values-Driven Growth With ‘Red Week’

UBA Ghana Board Chair Wins Top Honour for Financial Stewardship at UBA Ghana

“It depends on what transactions have taken place that week. Maybe there have been payments to contractors. Typically, those types of payments can move the exchange rate immediately and convert that into the foreign exchange – it could be payment for energy or for the energy sector.

“A lot of payments are outflows and have impact on the foreign exchange market. So the exchange rate really reflects a lot about the day to day pressures of the economy.”

Dr. Addison

Currently prevalent in the Ghanaian economy however is the steady rise of the dollar over the cedi, stimulating fear and panic among the citizenry – making them think that the country is headed back for the dark days of 2022 when the cedi devalued.

The Bank of Ghana has today, January 17, 2023 quoted the exchange rate to be GH¢10.30 to the dollar whereas in the commercial setting, the rate is slightly higher, with some quoting GH¢12.50.

Despite the situation, Dr. Addison is confident the worst days of the cedi are over.

BoG Is More Than Able To Sustain The Gold-for-oil Deal

In a related development, the bank displayed confidence in its ability to sustain the Gold-for-Oil deal.

By the central bank’s report, the country has sufficient quantity of gold reserves to sustain the policy. 

gold for oil 1
Ghana’s Gold-for-Oil Barter

Stephen Opata, the Director of Financial Market at the Bank of Ghana, made this assertion when he appeared before the Public Accounts Committee (PAC) yesterday, Monday, January 16, 2023.

The Director stated that there was no need for worry as according to him, the central bank has all it takes to fulfill the requirement of 160,000 ounces of gold each month under the agreement.

“As for the quantities, based on the production numbers we saw last year, gold has picked up. We believe that we can buy enough gold to sustain the program. 

“I must say that the numbers we are currently looking at is about 160,000 ounces per month and that will represent about 50 to 60 per cent of the consumption of the country. According to what PMMC indicates, I think we have volumes to support the programme.”

Stephen Opata 

The first consignment of oil under the policy landed at the Tema Port on Monday and constituted 40,000 metric tons of oil from the United Arab Emirates.

It was subsequently discharged to Bulk Oil Storage and Transportation (BOST), which will later formulate plans for its distribution and sale to the Oil Marketing Companies (OMCs). 

Commenting on the arrival of the first consignment, the Governor of the Bank of Ghana said the development has reduced pressure on the foreign market.

“If this government-to-government arrangement works well, we will not be adding pressures to the exchange market.”

Dr. Addison

READ ALSO: Cocoa Farmers Threaten to Sue Al Jazeera, Denies Using Child Labour

Tags: Bank of GhanaDr. Ernest AddisonGhanaian cedi
Please login to join discussion
Previous Post

Bawumia Says Gov’t Is Empowering Ghanaians to Take Advantage of AfCFTA Opportunities

Next Post

Somali Famine Slowed, Not Averted­ ­- World Food Program Chief

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Energy Minister Launches €9.7m Transmission Project to Strengthen National Grid 
Extractives/Energy

Energy Minister Launches €9.7m Transmission Project to Strengthen National Grid 

July 9, 2025
Strategic Talks Strengthen ECOWAS Vision 2050 Drive
Africa

Strategic Talks Strengthen ECOWAS Vision 2050 Drive

July 9, 2025
Debby Reveals Professionalism Fuels Female Musicians
Entertainment

Debby Reveals Professionalism Fuels Female Musicians

July 9, 2025
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Africa

Mass Jail Sentences Deepen Tunisia’s Political Crisis

July 9, 2025
Mustapha Gbande, Party, President.
General News

Every NDC Member Is Better Off Today – Gbande

July 9, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Mass Casualty Incidents Besmirch Gaza’s Aid Struggle

July 9, 2025
Energy Minister Launches €9.7m Transmission Project to Strengthen National Grid 
Extractives/Energy

Energy Minister Launches €9.7m Transmission Project to Strengthen National Grid 

by Prince AgyapongJuly 9, 2025
Strategic Talks Strengthen ECOWAS Vision 2050 Drive
Africa

Strategic Talks Strengthen ECOWAS Vision 2050 Drive

by Lawrence AnkutseJuly 9, 2025
Debby Reveals Professionalism Fuels Female Musicians
Entertainment

Debby Reveals Professionalism Fuels Female Musicians

by Esther Korantemaa OffeiJuly 9, 2025
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Africa

Mass Jail Sentences Deepen Tunisia’s Political Crisis

by Lawrence AnkutseJuly 9, 2025
Mustapha Gbande, Party, President.
General News

Every NDC Member Is Better Off Today – Gbande

by Silas Kafui AssemJuly 9, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Mass Casualty Incidents Besmirch Gaza’s Aid Struggle

by Comfort AmpomaaJuly 9, 2025
Energy Minister Launches €9.7m Transmission Project to Strengthen National Grid 
Strategic Talks Strengthen ECOWAS Vision 2050 Drive
Debby Reveals Professionalism Fuels Female Musicians
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Mustapha Gbande, Party, President.
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
[/vc_row_inner]

Recent News

  • Energy Minister Launches €9.7m Transmission Project to Strengthen National Grid 
  • Strategic Talks Strengthen ECOWAS Vision 2050 Drive
  • Debby Reveals Professionalism Fuels Female Musicians
  • Mass Jail Sentences Deepen Tunisia’s Political Crisis
  • Every NDC Member Is Better Off Today – Gbande
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.