Cedi expected to trade steadily this week; sells at ¢11.50 to a dollar

The Ghanaian cedi is expected to maintain a stable trading pattern this week, thanks to interventions by the Bank of Ghana aimed at easing the pressure on the local currency.

In the previous week, the cedi faced renewed challenges despite support from the Central Bank aimed at improving the availability of foreign exchange.

At the beginning of last week, the local currency opened with a mid-rate of ¢11.50 pesewas per dollar and traded steadily, experiencing a 0.65% decrease in value on the retail market over the course of the week. Additionally, it depreciated by 0.17% against the pound and 0.60% against the euro on the retail market compared to the previous week.

Also Read: Top 10 Strongest Currencies In The World In 2023

During the 35th forex auction for Bulk Oil Distribution Companies, the Central Bank allocated $20 million at a 30-day forward rate of ¢11.42 pesewas. This forward rate represented a 100 basis points increase from the previous auction.

To address demand pressures, the Bank of Ghana also injected ¢11.5 million dollars into the spot market. Nevertheless, these measures were insufficient to stabilize the cedi, which continued to lose ground due to local demand throughout the week.

Since January 2023, the cedi has experienced a depreciation of approximately 11.40% against the US dollar on the retail market and 22.1% on the interbank market.

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