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.
Latest Stories
-
2026 World Cup: What would Ghana lose without Thomas Partey against Panama?
30 minutes -
Confidence high as Vice President visits Black Stars ahead of Panama showdown
2 hours -
BECE 2026: Five important steps JHS graduates should take before starting SHS
2 hours -
2026 World Cup: Ghana fails in bid to have Partey’s Canada visa denial overturned
2 hours -
University of Nottingham cyberattack triggers CSA warning to Ghanaian universities
2 hours -
Ghana-South Africa Business Chamber condemns xenophobic attacks on Ghanaians
3 hours -
“US Justice Department hasn’t gotten back to Ghana that it has served Ofori-Atta” – OSP
3 hours -
Deputy Energy Minister reaffirms Ghana’s commitment to gas-led development at West Africa Gas Summit
3 hours -
Protect Ghanaians in South Africa through diplomacy – Bosome Freho MP to gov’t
3 hours -
About 49,000 Ghanaians still live in South Africa – Bosome Freho MP discloses
3 hours -
Bosome Freho MP urges South Africa to take decisive action against Xenophobic attacks
3 hours -
Mfantsipim SHS final-year student commits suicide
3 hours -
Complete Farmer launches CF Grower and CF Buyer to deepen digital agriculture in Ghana
3 hours -
Nukunu Sports Academy to support young football enthusiast until he turns 14
3 hours -
With green card, Ofori-Atta has far more protection than he had previously – Kpebu
4 hours