The Bank of Ghana has put the depreciation of the cedi to the dollar at 22.1% as of March 2023.
In its latest Summary of Economic and Financial Data, the Central Bank pegged the cedi at ¢11.104 to one US dollar on the interbank market.
In February 2023, the local currency also lost 22.1% in value to the American greenback, but its depreciation in January 2023 was 20.6%. This was after the earlier estimate of 19.1% depreciation was revised.
Comparing the cedi’s performance in March 2023 to February 2023, the local currency depreciation to the dollar has slowed down drastically..
For the pound and the euro, the local currency lost 23.5% and 23.1% in value respectively in March 2023.
The cedi appears to be faring slightly better on the forex or retail market where it is going for about ¢12.50 to one US dollar.
Cedi may record mixed performance to dollar this week
Earlier this week, some analysts had projected a mixed performance of the cedi against the US dollar.
According to some of them who engaged Joy Business the increased demand for the US dollar will trigger mixed development on the forex market.
Although the Finance Minister’s visit to China on debt restructuring talks and the government’s renewal of coupon payments may improve market sentiment, the analysts believe these are not enough to cause the cedi’s recent gains against the American greenback.
Last week, the local currency also lost 0.20%, 1.16% and 0.95% to the dollar, the pound and euro respectively, on strong corporate demand.
Latest Stories
-
WPL 2023/24: Battle for glory as Northern and Southern zone clubs chase playoff spots
6 mins -
Ghana’s Press Freedom Index improvement nothing to write home about – Sam George
13 mins -
Ghana Wellness and Healthcare Awards slated for June 14
16 mins -
OSP begins investigation into alleged bribery of EC staff by Kwadaso MP
22 mins -
Ghana FA laud Coach Zito with standing ovation after Dreams FC’s exploit in Africa
23 mins -
Asantehene worried over brain drain in African contemporary arts
28 mins -
Hearts of Oak legend berates current players for poor form
47 mins -
Unless EC has rules against officials receiving lunch money, nothing can be done in ‘envelope scandal’ – Prof Agyeman Duah
50 mins -
Singer Ayra Starr releases artwork, track list for ‘Sophomore Album’
60 mins -
Actress Sola Sobowale debunks drug trafficking and arrests in Saudi Arabia
1 hour -
Zebra on loose after escape in US mountain country
1 hour -
Apple iPhone sales fall in nearly all countries
1 hour -
Bawumia takes campaign tour to Western Region
2 hours -
Ghana and India discuss trade at the fourth JTC meeting
2 hours -
Nkwanta South: MCE kneels to beg chiefs to give peace a chance
2 hours