The Ghana cedi is expected to post a mixed-performance this week as a widening inflation differential may pose depreciatory pressures.
This is because investors are seeking investments in dollar denominated or fixed assets.
The Ghana cedi remained stable against the US dollar last week on the retail market with a mid-rate of ¢11.43 at the close of trading last Friday, August 11, 2023. This kept its year-to-date at about -11.0% to the American greenback.
The local currency, however, lost marginally (week-on-week) against the dollar on the interbank market, bringing its year-to-date loss to about 21.00%. The unit also slid slightly against the the GBP (-0.05% w/w) on the interbank market but gained (0.21% w/w) vs the euro.
This was largely due to the marginal increase in inflation which is compelling investors to think twice about investments in cedi denominated assets.
Additionally, the US inflation cooled at 3.2% year-on-year from 3.00% in June 2023, below the consensus estimate of 3.3%.
This caused the US dollar index to inch up 0.68% week-on-week
Latest Stories
-
Ghana’s public debt rises to GH¢769.4bn in March 2025
45 minutes -
Cedi gains 24.1% to dollar in May 2025 – BoG
47 minutes -
Court issues bench warrant for businessman over GH¢149,000
1 hour -
Court sentences car thief to 5 years imprisonment
2 hours -
JHS dropout who returned lost wallet, receives GH₵6K to return to school
2 hours -
Full Text: Isaac Adongo’s statement on economic stability under Mahama’s reset agenda
2 hours -
Suspect remanded following alleged machete assault on carpenter
2 hours -
Adongo credits Ghana’s economic stability to Mahama’s leadership, dismisses NPP claims
2 hours -
Cedi appreciation must lead to a reduction in electricity tariffs – Paul Twum Barimah tells Mahama
2 hours -
How a joke about rice cost a Japan cabinet minister his job
2 hours -
You stopped at nothing, and your presence was healing – Prof. Opoku-Agyemang thanks Ibrahim Mahama
2 hours -
‘I’m hardly Bob Dylan’: Charli XCX wins songwriter of the year
2 hours -
US Treasury confirms the end of the penny
2 hours -
I am happy to be back – Vice President Jane Naana Opoku-Agyemang
3 hours -
They’ve threatened to impeach me; I’m happy to have you back – Mahama tells Prof Opoku-Agyemang
3 hours