Audio By Carbonatix
The Ghana cedi remained relatively stable for the most part of last week, buoyed by a $10 million Bank of Ghana’s spot market support.
However, persistent corporate demand pressures put the local unit on the back foot at the tail end of the week’s trading.
Consequently, the local unit shed a marginal 0.47% week-on-week against the US dollar to end trades at GH¢15.95/$ on the retail market.
The cedi also dipped by 0.25% and 1.31% week-on-week to the pound and the euro respectively, on the retail market.
It is presently going for GH¢15.87 to the American greenback on the retail market. It has since January 1, 2024 lost 23.11% to the world’s powerful currency.
Going forward, the Central Bank intends to sell $20 million to the Bulk Oil Distributing Companies during this week’s forward forex auction.
Analysts expect the auction to help tame some corporate demand pressures on the market and slow the cedi’s depreciation.
Latest Stories
-
Amin Adam warns against politicising banking regulation after GN Savings ruling
22 minutes -
GN Savings ruling poses fiscal and financial-stability risks – Amin Adam
32 minutes -
Amin Adam calls on BoG and Finance Ministry to explain implications of GN Savings ruling
46 minutes -
Restoring GN Savings and Loans will be difficult after years of asset disposal — Dr Kweku Ndoum
50 minutes -
Misrepresentation of GN Bank’s financial position led to collapse – Dr Kweku Nduom
1 hour -
Collapse of GN Bank led to loss of over 4,500 jobs — Dr Kweku Ndoum
1 hour -
Arrest and denial of bail being used to intimidate opposition voices — Egyapa Mercer
1 hour -
GN Savings & Loans: Banking sector clean-up could’ve been managed better – Bobby Banson
2 hours -
National Chief Imam urges Ghanaian pilgrims to uphold discipline and unity ahead of 2026 Hajj
2 hours -
Gov’t owed GN Bank GH¢300m in unpaid IPCs before reclassification and licence revocation — Dr Kweku Ndoum
2 hours -
Fernandes named Premier League player of season
2 hours -
BoG failed in its supervisory role in GN Bank crisis — Senyo Hosi
2 hours -
Mahama cuts sod for Bole College of Education, unveils major development projects for Savannah Region
2 hours -
NDC tightens control over media representation
2 hours -
GN Savings licence revocation came as a shock – Dr Kweku Ndoum
3 hours