The pace of the Ghana cedi’s depreciation eased over the past two weeks, with both the interbank and retail markets recording modest declines.
On the interbank market, the cedi closed at GH¢12.40 to the US dollar, down 2.02% from GH¢12.15. This marks a sharp slowdown compared to the 6.17% fall recorded two weeks earlier.
In the retail market, the currency traded within GH¢13.40–GH¢13.50 per dollar, posting a 0.74% decline, far lower than the previous 6.72%. Against other major currencies, the cedi closed at GH¢18.05 to the pound (-2.49%) and GH¢15.70 to the euro (-1.59%).
Databank Research noted that the slowdown aligns with its earlier projection of near-term stability, backed by stronger foreign exchange inflows and softer market sentiment. “Looking ahead, we maintain a cautiously optimistic outlook, with seasonal FX inflows from commodity exports expected to provide further support,” it stated.
However, Databank warned that rising corporate demand—particularly from the services sector ahead of the festive season—may put renewed pressure on the local currency. Even so, it expects sustained interventions from the Bank of Ghana, strong reserves, and positive expectations around the IMF’s fifth programme review to help anchor stability.
Meanwhile, the cedi opened this week at GH¢13.70 to the dollar in the retail market. On a year-to-date basis, it has gained about 15% against the US dollar.
Source: Joy Business
Comments are closed, but trackbacks and pingbacks are open.