Audio By Carbonatix
The Ghana cedi depreciated by 2.94% to the US dollar last week, taking its year-to-date loss to 3.87% on the retail market since January 2025.
This was due to continued demand pressures from the manufacturing and energy sectors.
It also follows the Bank of Ghana auctioning of its first US$20 million to the Bulk Oil Distribution Companies (BDCs).
The local currency thus traded at a mid-rate of GH¢16.15 to one American greenback. Last week’s loss was the sharpest since January 1, 2025.
The local unit also shed 0.52% week-on-week versus the pound and 1.52% to the euro.
The cedi has began trading this week unchanged to the US dollar and the other major currencies. One dollar is going for GH¢16.40.
Meanwhile, analysts expect the local currency to remain relatively stable this week as the US President-elect Donald Trump is inaugurated and makes his accompanying policy announcements.
Additionally, the key US macroeconomic data are scheduled for release this week that will impact global market sentiments.
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