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
-
Oil hits over 1-week low on hopes of boost to diplomacy in Iran war
38 minutes -
They take GH¢100, sometimes GH¢200 – Okada riders allege police extortion in Accra
47 minutes -
NACOC: We’ve found no presidential escort among suspects in €225m France cocaine case
56 minutes -
Don’t turn students away over trunks and chop boxes – GES
1 hour -
Italian Apple store employees strike on iPhone 18 Pro launch day
1 hour -
Apple’s Tim Cook sees Australia’s social media curbs as ‘world-leading’, PM says
1 hour -
Amazon raises minimum hourly pay by $1 to $20 for US operations workers
2 hours -
Insurance cost has largely remained stable – NPA boss on transport fare pressure
2 hours -
Multiple unions threaten strikes at Barrick’s flagship Mali gold mine, documents show
2 hours -
Infantino invited to African summit as he faces challenge to FIFA leadership
2 hours -
NPA boss flags ‘recalcitrant’ transport operators raising fares arbitrarily
2 hours -
GPRTU fare hike put on ice after talks with government – NPA boss reveals
3 hours -
I’m greatly worried – NPA boss on threat of higher transport fares
3 hours -
We are largely import-dependent – NPA boss on Ghana’s fuel vulnerability
3 hours -
Ghana’s fuel market is built for turbulence – NPA’s Edudzi Tamakloe explains why
4 hours