The Ghana cedi remained relatively stable for most of last week, supported by a $10 million spot market intervention by the Bank of Ghana.
However, toward the end of the week, persistent corporate demand pressures caused the cedi to lose some ground.
As a result, the cedi experienced a slight depreciation of 0.47% week-on-week against the US dollar, closing at GH¢15.95/$ on the retail market. It also weakened against the British pound and the euro, dipping by 0.25% and 1.31% week-on-week, respectively.
Currently, the cedi is trading at GH¢15.87 to the US dollar on the retail market, marking a 23.11% depreciation against the dollar since January 1, 2024.
Looking ahead, the Bank of Ghana plans to sell $20 million to Bulk Oil Distributing Companies during this week’s forward forex auction. Analysts believe this move could help alleviate some of the corporate demand pressures in the market and slow the cedi’s rate of depreciation.
