{"id":67695,"date":"2024-02-28T07:56:48","date_gmt":"2024-02-28T07:56:48","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/cedis-depreciation-in-1st-quarter-of-2024-blamed-on-repatriation-of-profits-by-foreign-firms"},"modified":"2024-02-28T08:19:18","modified_gmt":"2024-02-28T08:19:18","slug":"cedis-depreciation-in-1st-quarter-of-2024-blamed-on-repatriation-of-profits-by-foreign-firms","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/cedis-depreciation-in-1st-quarter-of-2024-blamed-on-repatriation-of-profits-by-foreign-firms","title":{"rendered":"Cedi\u2019s depreciation in 1st quarter of 2024 blamed on repatriation of profits by foreign firms"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The Ghana International Trade and Finance Conference (GITFiC) has raised concerns about the depreciation of the local currency despite several interventions by government.<\/b><\/p>\n

The Cedi is said to have depreciated marginally in the first quarter of 2024 despite a strong showing in 2023.<\/p>\n

\u201cGITFiC has observed the current trend and can say on authority that one of the main mechanisms negatively affecting the appreciation of the Ghanaian cedi against the major trading currencies is the fact that the country is seeing more repatriation of profits by foreign-owned companies than ever,\u201d the finance analysis organisation said in a press release on Monday, February 26.<\/p>\n

\u201cThis phenomenon is not new; however, it is characterised by market speculation, which is largely accounting for the current negative trend,\u201d it added.<\/p>\n

Recently, the immediate past Minister of Finance, Ken Ofori-Atta, announced a $200 million injection into the economy.<\/p>\n

GITFiC says the move will yield no result because the companies usually build their projections on that.<\/p>\n

\u201cThe announcement by the immediate past Minister for Finance on the expected 200 million USD injection into the Ghanaian economy may not yield the necessary result because, by the mere pronouncement of such expected intervention, operators in the market build such pronouncements into their projections even before the money arrives.<\/p>\n

\u201cThis makes the government\u2019s effort counterproductive in this regard.\u201d<\/p>\n

GITFiC is recommending that the Bank of Ghana injects forex into the economy \u201cwithout hesitation\u201d.<\/p>\n

\u201cThe expected 200 million USD, as announced by the immediate past minister for finance, should be deliberately targeted at specific reactionary areas to give the Ghanaian cedi some respite.<\/p>\n

\u201cThe Central Bank of Ghana should not relent but continue to weed out dubious forex operators from the market, tighten their regulations, and enforce strict compliance across the board.\u201d<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. The Ghana International Trade and Finance Conference (GITFiC) has raised concerns about the depreciation of the local currency despite several interventions by government. The Cedi is said to have depreciated marginally in the first quarter of 2024 despite a strong showing in 2023. \u201cGITFiC has observed the current trend and can say […]<\/p>\n","protected":false},"author":84,"featured_media":67694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-67695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nCedi\u2019s depreciation in 1st quarter of 2024 blamed on repatriation of profits by foreign firms - Ghana<\/title>\n<meta name=\"description\" content=\"The Ghana International Trade and Finance Conference (GITFiC) has raised concerns about the depreciation of the local ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedis-depreciation-in-1st-quarter-of-2024-blamed-on-repatriation-of-profits-by-foreign-firms\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cedi\u2019s depreciation in 1st quarter of 2024 blamed on repatriation of profits by foreign firms\" \/>\n<meta property=\"og:description\" content=\"The Ghana International Trade and Finance Conference (GITFiC) has raised concerns about the depreciation of the local ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedis-depreciation-in-1st-quarter-of-2024-blamed-on-repatriation-of-profits-by-foreign-firms\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-28T07:56:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-28T08:19:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/02\/sm_1709095510.75623.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"430\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedis-depreciation-in-1st-quarter-of-2024-blamed-on-repatriation-of-profits-by-foreign-firms#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedis-depreciation-in-1st-quarter-of-2024-blamed-on-repatriation-of-profits-by-foreign-firms\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Cedi\u2019s depreciation in 1st quarter of 2024 blamed on repatriation of profits by foreign firms\",\"datePublished\":\"2024-02-28T07:56:48+00:00\",\"dateModified\":\"2024-02-28T08:19:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedis-depreciation-in-1st-quarter-of-2024-blamed-on-repatriation-of-profits-by-foreign-firms\"},\"wordCount\":314,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedis-depreciation-in-1st-quarter-of-2024-blamed-on-repatriation-of-profits-by-foreign-firms#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/02\/sm_1709095510.75623.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedis-depreciation-in-1st-quarter-of-2024-blamed-on-repatriation-of-profits-by-foreign-firms#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedis-depreciation-in-1st-quarter-of-2024-blamed-on-repatriation-of-profits-by-foreign-firms\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/cedis-depreciation-in-1st-quarter-of-2024-blamed-on-repatriation-of-profits-by-foreign-firms\",\"name\":\"Cedi\u2019s depreciation in 1st quarter of 2024 blamed on repatriation of profits by foreign firms - 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