Audio By Carbonatix
The Ghana cedi lost 2.4% in value to the US dollar in the first month of 2025.
This is compared to a depreciation of 1.3% during the same period last year.
According to the Bank of Ghana, the local currency traded at a rate of GH¢15.06 to the American greenback on the interbank market.
Similarly, the cedi depreciated by 3.0% to the euro on the interbank market, going for GH¢15.69 to one euro.
For the pound, the cedi lost 0.8% in value. It consequently sold at GH¢18.55 to one pound on the interbank market.
As of January 17, 2025, the Ghana cedi had depreciated by 2.94% to the US dollar on the retail market, taking its year-to-date loss to 3.87% 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 cedi’s loss to the American greenback was the sharpest since the beginning of the year.
The local currency thus traded at a mid-rate of GH¢16.15 to one American greenback the prior week.
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