BUSINESS

Check out cedi’s position on African currencies ‘league table’

Published

3 years ago

August 26, 2021

Out of 15 top currencies on the African continent tracked by Joy Business, the Ghana cedi is presently placed 7th in terms of league of best performing currencies, despite the recent pressures on the local currency.

It is performing better than the South African rand (-8.07%), the Nigerian naira (-7.37%) and the CFA (-4.39%), and could replicate the record performance last year where it lost only 3.5% in value to the American ‘greenback’.

So far, it has depreciated by about 1.30% to the US dollar, selling at about ¢6.5 to the US dollar on the interbank forex market.

Analysts have, however, calmed market sentiments about the recent persistent depreciation.

This is because the local currency will be bolstered by the $1 billion Special Drawing Rights from the International Monetary Fund and the expected COCOBOD Loan Syndication in September or October 2021.

Importantly, the current pricing of the cedi to the dollar is also within the range of many research institutions’ forecast for the year.

Currency Analyst at Databank Research, Courage Boti, told Joy Business the outlook of the cedi is stronger despite the risk.

“If you look at the future and the inflows that will come to boost our reserves, it looks like the cedi will end the year on a much stable note than we’ve seen in time past. Based on this, I think the outlook is rather more optimistic given the flows that we expect over the period.

“But of course, there is increasing risk in the quantitative easing in the US and other places, which means that sell-offs on the market will continue”, he added.

Cedi forecast to end year within ¢6.14 and ¢6.32 to dollar

Whilst Fitch Solutions is projecting ¢6.32 pesewas to a dollar by the end of the year, Databank Research is predicting ¢6.14 pesewas, about 3 percentage point’s depreciation.

Fitch attributed a rebound of the global economy which will stimulate economic activities, as the rationale behind its end-year cedi to dollar rate of ¢6.32, a little above 4% depreciation.

Databank on the other hand said the recent portfolio-induced pressure tampered with its earlier optimism.

However, it believes the cedi should remain supported by the gross forex reserves of about $10.99 billion.

Source :Charles Nixon yeboah

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BUSINESS

About The New On Demand Service App, Qilansar

Published

1 month ago

March 13, 2024

admin@audiogh

Welcome to Qilansar, the premier on-demand service app designed to simplify your everyday life. Whether you need assistance with chores, home maintenance, or finding skilled professionals, Qilansar is here to connect you with trusted service providers at your convenience.

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At Qilansar, our mission is to revolutionize the way people access and experience services. We aim to provide a seamless platform that empowers individuals and businesses to effortlessly connect with qualified service providers, saving time and energy while ensuring top-notch service quality. We believe that everyone deserves access to reliable and efficient services, and we’re committed to making that a reality.

How Qilansar Works

Using Qilansar is as easy as 1–2–3. Simply download our user-friendly app, create an account, and start exploring a vast range of services tailored to meet your unique needs. Browse through our extensive network of verified service providers and select the one that best matches your requirements. From there, you can schedule appointments, communicate with providers, and track the progress of your service requests, all within the app.

Our Service Categories

Qilansar offers a wide array of services across various categories, ensuring that you find the right professional for any task. Whether you need help with home cleaning, plumbing, electrical work, pet care, tutoring, or anything in between, Qilansar has got you covered.

We meticulously vet our service providers to ensure their qualifications, experience, and reliability, so you can have peace of mind knowing that you’re in good hands.

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admin@audiogh

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BUSINESS

Professional Hairstylist, Millicent Tetteh Opens Up “Mimi De Hairdresser” To Meet Accra Women’s Hair Needs

Published

5 months ago

November 26, 2023

admin@audiogh

Entrepreneur and professional hairstylist, Millicent Tetteh has commissioned her new office, “Mimi De Hairdresser” in Accra yesterday in a grand style

The event which was held on 25th November, 2023 saw bloggers and influencers gracing the occasion. It was indeed a spectacle to behold as many a man were treated with a gracious reception. As for ladies who needed braids and special hair treatment, they were treated pleasingly by the order of the Peaky Blinders on a softer note.

“Mimi De Hairdresser” located in Madina Estate near “Bag and Save” supermarket offer the following hair services; extensions, braid caps, installations, braids, nails, pedicure, manicure, piercing, salon services, et al. In fact, they offer all services as far as hair is concerned. They also are available for home services. They open every day from 9AM to 8pm.