The Bank of Ghana has put the depreciation of the cedi to the dollar at 22.1% as of March 2023.
In its latest Summary of Economic and Financial Data, the Central Bank pegged the cedi at ¢11.104 to one US dollar on the interbank market.
In February 2023, the local currency also lost 22.1% in value to the American greenback, but its depreciation in January 2023 was 20.6%. This was after the earlier estimate of 19.1% depreciation was revised.
Comparing the cedi’s performance in March 2023 to February 2023, the local currency depreciation to the dollar has slowed down drastically..
For the pound and the euro, the local currency lost 23.5% and 23.1% in value respectively in March 2023.
The cedi appears to be faring slightly better on the forex or retail market where it is going for about ¢12.50 to one US dollar.
Cedi may record mixed performance to dollar this week
Earlier this week, some analysts had projected a mixed performance of the cedi against the US dollar.
According to some of them who engaged Joy Business the increased demand for the US dollar will trigger mixed development on the forex market.
Although the Finance Minister’s visit to China on debt restructuring talks and the government’s renewal of coupon payments may improve market sentiment, the analysts believe these are not enough to cause the cedi’s recent gains against the American greenback.
Last week, the local currency also lost 0.20%, 1.16% and 0.95% to the dollar, the pound and euro respectively, on strong corporate demand.
Latest Stories
-
Mortuary workers issue fresh strike threat
2 mins -
‘Lapses in banking system are not unique’ – John Awuah on managing fraud in Ghana’s Banks
10 mins -
Bawumia confident of victory in 2024 election
44 mins -
Strengthening audit institutions essential for tackling fiscal mismanagement – Domelevo
54 mins -
Healthy Aging: The Role of the Gut Microbiome and How Diet Can Help
55 mins -
Seek medical care, diagnosis for breast cancer – Dr Abiti to women
1 hour -
Hardship: Men now collect marriage list from different families to get cheapest – Report
1 hour -
‘If you’re looking for trouble, you’ll get it,’ Falz tells VeryDarkMan
1 hour -
Paramount Chief of Avenor grateful to NPP, calls for completion of Agenda 111 project
2 hours -
Bawumia commissions ultramodern office complex for Ho Municipal Assembly
2 hours -
Bawumia declares NPP’s infrastructure record unmatched
2 hours -
Importers face duty on Electric Vehicles despite gov’t’s exemption promises
2 hours -
4 additional Democracy Hub protesters discharged
2 hours -
Election 2024: Alan Kyerematen lacks a message – Hassan Ayariga
2 hours -
‘Helping a human is better than scoring a goal’ – Adebayor
2 hours