The depreciation of the Ghana cedi to the US dollar slowed down last week as it lost 0.96% in value to the American green back last week.

It however began trading yesterday, June 24, 2024, at GH¢15.75 to one US dollar.

The local currency continued to weaken against the major trading currencies last week as corporate demand pressures remained strong on a thin supply.

Despite the Bank of Ghana selling about $11 million on the spot market, the Ghana cedi lost 0.96% week-on-week vs the dollar on the retail market.

It also shed 0.38% and 0.45% against the pound and the euro, respectively.

Ghana and its international bondholders over the weekend reached an agreement in principle to restructure $13bn of its debts. The deal will see a haircut of up to 37% on principal, with maturities lengthened.

Coming on the heels of the bilateral debt rework, this debt agreement would mark a swift restructuring process that analysts described as positive for market sentiments.

They believe it may help slow speculative attacks on the cedi in the medium term.

This week, however, the local unit will lose ground as corporate demand persists ahead of the International Monetary Fund (IMF) board meeting scheduled for later this week.