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Euro and US Dollar reach parity for the first time in 20 years

The development would make it the first in 20 years for such an occurrence

Euro and US Dollar now reach equal value

Ghana cedi struggles against major trading currencies

Russia-Ukraine tensions stoke inflation pressures, energy demand

The exchange rate between the Euro and United States Dollar has reached parity – meaning the two major currencies now have the same worth.

The development would make it the first in 20 years for such an occurrence.

On Tuesday, July 12, the euro hit $1, which represented a decline of about 12 percent since the start of this year.

Recent economic developments on the globe have sparked fears of a recession associated with supply chain disruptions, high inflationary pressures, energy supply uncertainty and tensions between Russia and Ukraine.

According to CNN Business, the European Union, which received roughly 40 percent of its gas through Russian pipelines before the war, is now attempting to reduce its dependence on Russian oil and gas.

The portal said at the same time, Russia has throttled back gas supplies to some EU countries and recently cut the flow in the Nord Stream pipeline to Germany by 60 percent.

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Meanwhile, the European Central Bank announced that it will hike interest rates this month [July] for the first time since 2011 in a move to stem inflation, as the current eurozone inflation rate is pegged at 8.6 percent.

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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