Audio By Carbonatix
The Ghana cedi is expected to trade steadily this week as the Bank of Ghana continues its market interventions to cool off the pressure on the local unit.
This is coming after the local currency lost 0.32% week-on-week against the US dollar on the retail market last week.
It closed the week at a mid-rate of GH¢15.73 to one dollar, taking its year-to-date loss to 1.27%.
Similarly, it depreciated by 0.76% and 0.61% versus the pound and the euro on the retail market.
However, it began the week on an improved note, going for GH¢15.75 or a mid-rate of GH¢15.68.
The cedi came under renewed pressure last week despite efforts by the Bank of Ghana to improve forex liquidity.
In the 71st FX auction for the Bulk Distribution Companies (BDCs), the Central Bank allotted US$20 million at a 30-day forward rate of GH¢15.5582 to a dollar. This reflected a 100 basis points increase from the previous auction rate of GH¢15.4684 to one American greenback.
The Central Bank also provided US$96.13 million on the market to help tame demand pressures.
However, this was insufficient to stabilise the cedi, as local demand outpaced the market supply.
Latest Stories
-
NAIMOS task force arrests 9 Chinese illegal miners, destroys equipment at Dadieso
5 minutes -
NAIMOS advances into Atiwa Forest, uncovers child labour, river diversion and heavy machinery
15 minutes -
NAIMOS Task Force storms Fanteakwa South, dismantles galamsey operations
35 minutes -
The Kissi Agyebeng Removal Bid: A Look at the Numbers
1 hour -
DVLA to roll out digitised accident reports, new number plates and 24-hour services
2 hours -
DVLA Workers’ Union opens 2025 Annual Residential Delegates Congress with call for excellence, equity and solidarity
2 hours -
Scholarships Secretariat sets December 8–9 interviews for Commonwealth Scholarship applicants
2 hours -
WASSCE decline reveals deep gaps, there’s need to overhaul education system – Franklin Cudjoe
3 hours -
JOY FM Drive Time host Lexis Bill leads fans up Aburi Mountain in energetic ‘Walk With Lexis’ fitness experience
3 hours -
2026 World Cup: Ghana to open campaign in Toronto against Panama
3 hours -
President Mahama, Lordina support retired Assemblies of God pastors, widows with medical care and Christmas gifts
4 hours -
2025/26 GPL: Nations FC fight back to claim 2-1 win over Heart of Lions
4 hours -
Tanzania responds to international criticism over October post-election events
4 hours -
Burkina Faso plans to restore death penalty for treason, terrorism, espionage
4 hours -
One killed, 27 arrested in Tamale police operation
4 hours
