The Ghana cedi began this week encouragingly after the Bank of Ghana sold enough dollars yesterday November 11, 2024, to boost the local currency.

The  local unit gained 0.2% to sell at GH¢16.33 to one American greenback on the interbank market. It is, however, going for GH¢17.00 to the dollar on the retail market.

Last week, the Central Bank took proactive measures to stabilise the market by conducting targeted interventions.

These interventions involved a two-day and seven-day foreign exchange auctions, which resulted in the sale of about US$214.04 million, the highest auction in a week this year.

The intervention also helped to ease some demand backlog, resulting in a moderated depreciation of the cedi.

However, the cedi depreciated slightly against all the major foreign currencies.

It lost 0.44% week-on-week to the US dollar, 0.12% to the pound and 0.41% vs the euro.

With Christmas around the corner, the local unit will continue to experience increased demand pressures. This will be driven by heightened corporate demand and the broader market sentiment surrounding the global economy.

Again, investors are pricing in uncertainties regarding the rising inflationary pressures.

So far this year, the local currency has lost about 28% to the US dollar.

It is presently going for GH¢17.00 to one US dollar on the retail market.