Connect with us

NEWS

Economy | National: BoG dollar auction: Demand outstrips supply by $72.2m as $1 hits ¢10.92

Published

on

Demand for the US dollar fell marginally again, according to the latest auction of the American ‘greenback’ by the Bank of Ghana (BoG).

Data from the Central Bank indicates that demand exceeded supply by $75.25 million in the latest auction.

This is compared with $82.75 million recorded a month past.

According to the result of the sale of dollars through the Forex Forward Rates Auction to dealers, the Bank of Ghana was only able to supply $25 million to the dealers, largely the banks.

However, the bids submitted for the purchase of the American ‘greenback’ was estimated at $100.25 million, lower than the $107.75 million recorded a month ago (August 23, 2022).

Per the results, the high demand for the US dollar keeps growing but marginally.

However, the expected first tranche of the $1.13 billion cocoa syndication loan will help boost the supply of the American ‘greenback’ to some extent.

$53.5 million for the seven-day tenor was the highest bid by the dealers, followed by $30.75 million for the 15-day tenor.

The 30-day tenor received bids worth $12.0 million, whilst the 45-day tenor received bids amounting to $2.75 million.

The 60-day tenor also received bids, amounting to $750,000.

There was, however, no bid for the 75-day tenor.

The highest number of bids submitted by the dealers was for the 7-day bill in which 59 bids were made, but only 14 bids were accepted

The least was the 60-day bill whereby only one bid was submitted.

1 dollar hits ¢10.92

Meanwhile, the fast pace of the depreciation of the cedi continued as the dollar hit ¢10.92 on October 6, 2022.

Checks by Joy Business indicate that most forex bureaus within the capital city of Accra are selling a dollar for an average of ¢10.88.

Whilst, others sold one US dollar for ¢10.95, the American ‘greenback’ went for ¢10.88.

Joy Business understands the recent action by the Bank of Ghana descending on some forex bureaus engaged in illegal transactions and some black market operators have had little impact.

Cedi loses 40% value to dollar in nine months of 2022

The local currency as of September 30, 2022, had lost value of 40% to the dollar, ranking it as the second worst performing currency in the world in the 147th position, according to Bloomberg.

This decline in the local currency against the American currency is the worst in over three decades.

The performance of the cedi also ranked it as the worst among the 30 top-performing currencies on the African continent.

 

Source: Myjoyonline

NEWS

National: 2023 Budget: TUC to reject government’s salary projection of ₵44.9m

Published

on

By

Deputy-General-Secretary-of-the-Trades-Union-Congress-TUC-Joshua-Ansah

After several attempts to reach an agreement with government over an increment in their base pay, the Trades Union Congress (TUC) is expected to meet government on Wednesday to finalise a deal.

But before that meeting gets underway, the Trades Union Congress is warning that it will not accept government’s projections in the 2023 Budget.

The Finance Minister, Ken Ofori-Atta, reading the 2023 Budget in Parliament projected compensation of employees at GH¢44,990 million (5.6% of GDP).

Earlier, government also proposed a 12% salary increment during the last negotiation with Organised Labour but it was turned down.

 

Speaking on JoyNews’ PM Express on Tuesday, Deputy General Secretary of TUC, Joshua Ansah stated that they would not agree to the projected figure.

According to Mr Ansah, government must expect a fight if they turn up at the meeting with the same proposal.

JoyNews/AdomNews · TUC to reject government’s salary projection in 2023 Budget
“There is no way Organised Labour is also going to accept what has been put in the budget. Well, if the government has made up its mind that it is the way it thinks that he can actually force down the throat of workers, then we are in for a big fight, because there is no way government can pay anything below what we are expecting,” he said.

He noted that Organised Labour will not compromise on their demand for 60% increment in their base pay.

Meanwhile, the President of the Ghana Medical Association, Dr. Justice Yankson says government has created a problem by not reaching an agreement with the labour unions earlier.

JoyNews/AdomNews · Dr Yankson on organised labour and government’s negotiations
He believes the current mess could have been prevented.

“These are some of the problems that sometimes we create for ourselves. We had a whole period in which we could have sorted these things, we waited to the last end. Now we can see that we are on a collition course, it is clear,” he said.

Source: Myjoyonline

 

Continue Reading

NEWS

Politics: Wenchi High Court throws out petition against NPP MP’s 2020 election victory

Published

on

By

A Wenchi High Court has thrown out a petition against New Patriotic Party (NPP) legislator in the Techiman South 2020 election.

The petitioner was seeking the nullification of the poll which saw the NPP candidate, Martin Agyei Mensah Korsah, emerge victorious.

But at the hearing Wednesday, the court explained that the NDC 2020 Parliamentary candidate, Christopher Bayere, who was pursuing the matter, failed to prove the burden of petitioning.

The court was attended by some leaders of the NDC including General Secretary, Johnson Asiedu Nketia.

Wenchi High Court throws out petition against NPP MP’s 2020 election victory
He was sighted leaving the court premises a few minutes before the judgement.

The NDC Parliamentary candidate had contested the EC’s verdict which gave the NPP’s candidate victory with 49,682 votes representing 50.2 percent of the total valid votes cast, whilst the NDC’s candidate had 49,205 votes representing 49.8 percent of the total valid votes cast.

The NDC Parliamentary candidate insisted that the figures were not a true reflection of the election.

According to him, per the pink sheets of the NDC agents at each of the 267 polling stations, he garnered 50,306 votes in the Parliamentary election whilst the 1st Respondent polled 50,013 votes.

Wenchi High Court throws out petition against NPP MP’s 2020 election victory
Electoral Commission fined in 2021

In August 2021, the Electoral Commission of Ghana was fined GH¢4,000 by the court after the Court refused to grant the EC’s request for a stay of proceedings in the dispute on July 30, 2021.

Wenchi High Court throws out petition against NPP MP’s 2020 election victory
The EC’s application for a stay of proceedings was to enable it to file a motion to challenge the ruling of the Court at its previous sitting, when it granted the petitioner a motion to amend the title of the writ.

TCounsel for the EC, Emmanuel Addae said the stay of proceedings was to enable him to file supplementary statements in support of the application filed by the National Democratic Congress (NDC) candidate, Mr Christopher Beyere Baasongti.

However, reacting to the EC’s stay of proceedings, the Counsel for the petitioner, Justin Teriwajah argued that the motion was frivolous and unnecessarily geared towards delaying the adjudication of the case.

Source: Myjoyonline

 

Continue Reading

NEWS

Football: Asamoah Gyan’s run, Bagbin’s dance and Black Stars fans’ clean-up as fans celebrate S. Korea win in style

Published

on

By

It was the much-needed win for Ghanaians who were largely sitting on tenterhooks for the final quarter of the game.

And from the reactions, after the South Koreans netted a quickfire double between the 58th and 61st minutes, something had to definitely happen.

Kudus rose to the occasion, found himself at the end of a Gideon Mensah cross and curled the ball past the goalkeeper to restore Ghana’s lead and eventually sealed the game for Black Stars.

Asamoah Gyan’s run, Bagbin’s dance and Black Stars fans’ clean-up as fans celebrate S. Korea win in style
The 68th-minute winner triggered a thunderous celebration across the country and on social media.

Despite late attempts from the Koreans, the game ended 3-2 with Ghana earning a vital win in Group H.

Asamoah Gyan’s run, Bagbin’s dance and Black Stars fans’ clean-up as fans celebrate S. Korea win in style
Alban Bagbin

The jubilation started right from Ghana’s legislative arm where the Speaker, Alban Bagbin was caught on camera dancing to one of the goals on the day from his office.

The ecstatic Speaker punched the air while clad in his Black Star jersey in the company of other officials of the House.

Asamoah Gyan runs

Former Black Stars captain, Asamoah Gyan was on punditry duty at SuperSports TV.

However, the ethics of being on a live set could not suppress his excitement when the deciding goal was scored.

Filled with elation, the former skipper run out of the set in jubilation shouting atop his voice.

His iconic goal celebration was his response when asked about his reaction to some moments of the game.

Fans in clean-up mode

Now, supporters of Japan’s national team have been earning praise in Qatar for their zeal toward cleanliness after each game.

This win seems to have presented Ghanaian fans with the opportunity to emulate this off-pitch tradition.

While many celebrated the win at full-time, other fans were seen moving boxes around to collect the waste left by their colleagues.

South Korea’s Son not in selfie mood

Another interesting sight came from an official from the Ghana dressing room posing for a selfie.

The subject Son Heung-min was almost in tears after his team lost at full-time.

Otto Addo’s side will now face Uruguay in their last game looking to secure qualification to the next stage of the competition.

Source: Myjoyonline

 

Continue Reading

Trending