The Ghana cedi weakened further against the US dollar and other major foreign currencies as corporate demand soared.

Its year-to-date loss to the American greenback hit 13.35% as of April 29, 2024.

It is presently being quoted at an average of GH¢14.10 to a dollar by most forex bureaus.

The local currency also lost major ground against the euro and the pound respectively.

Last week, the Central Bank sold $13 million in the spot market though it could not keep the local unit afloat as the cedi ended the week, shedding 0.90% week-on-week to the American greenback on the retail market.

The cedi also trimmed 1.32% and 1.54% week-on-week against the pound and the Euro on the retail market.

Also, on the interbank market, the Ghana cedi gave up 1.10% gains against the dollar.

This week, the Bank of Ghana plans to sell $20 million to the Bulk Oil Distribution Companies (BDCs) in the 51st auction.

Analysts expect this auction to soak up some forex demand on the market.

Nonetheless, they expect the prevailing corporate forex demand pressures to weaken the local unit.