Audio By Carbonatix
The Ghana cedi depreciated by 2.94% to the US dollar last week, taking its year-to-date loss to 3.87% on the retail market since January 2025.
This was due to continued demand pressures from the manufacturing and energy sectors.
It also follows the Bank of Ghana auctioning of its first US$20 million to the Bulk Oil Distribution Companies (BDCs).
The local currency thus traded at a mid-rate of GH¢16.15 to one American greenback. Last week’s loss was the sharpest since January 1, 2025.
The local unit also shed 0.52% week-on-week versus the pound and 1.52% to the euro.
The cedi has began trading this week unchanged to the US dollar and the other major currencies. One dollar is going for GH¢16.40.
Meanwhile, analysts expect the local currency to remain relatively stable this week as the US President-elect Donald Trump is inaugurated and makes his accompanying policy announcements.
Additionally, the key US macroeconomic data are scheduled for release this week that will impact global market sentiments.
Latest Stories
-
Moody’s upgrades EBID rating to B1, citing stronger finances and shareholder support
6 minutes -
GoldBod cannot make losses trading gold – Afenyo-Markin
13 minutes -
Papaye, KFC and Pizzaman customers among most targeted as TrustGH uncovers nearly 1,000 scam numbers cloning Google business profiles of major food chains
23 minutes -
2026 U20 WWC: ‘We are in a tough group’ – Black Princesses’ Linda Owusu Ansah
30 minutes -
2026 U20 WWC: Ghana’s Ambassador to Czech Republic welcomes Black Princesses to Poland
57 minutes -
Oti NPP executives demand completion of stalled government projects
1 hour -
Jinapor demands answers as Alima Mahama is asked to pay for Embassy spending outside her tenure
1 hour -
Russia doubles scholarships for Ghanaian students to 240 annually
1 hour -
Cedi’s year-to-date loss slumps to 4.09% as recent gains gather pace
2 hours -
‘Home has spoken’ – Justin Kodua Frimpong says as Ashanti delegates back his re-election bid
2 hours -
Mustapha Abdul-Hamid, seven others’ NPA case adjourned to August 27
2 hours -
Alima Mahama Refund: Jinapor challenges Ablakwa’s authority, says only Auditor-General can surcharge
2 hours -
Wontumi Conviction: 2 star witnesses placed under police protection amid death threats
2 hours -
Srem-Sai reveals surge in death threats after Wontumi conviction
2 hours -
GCB, Ecobank, 4 others are top tier banks in Ghana – PwC Banking Survey
2 hours