The Ghana cedi remained stable in June 2023 and July 2024 against the US dollar, indicating the positive impact of the International Monetary Fund (IMF) programme on Ghana.

According to data from the Bank of Ghana, the cedi’s Year-To-Date depreciation stood at 22.1% as of July 21, 2023.

This is compared with 22.1% in March 2023, 21.7% in April 2023, 21.8% in May 2023 and 22.0% in June 2023.

Actually, the first two months of 2023 were not encouraging until the cedi stabilised in March 2023 against the dollar. It has since recorded some stability against the major foreign currencies up till today July 22, 2023.

For the pound and the euro, the local currency lost 28.3% and 26% in value respectively as of July 2023.

Presently, the cedi is going for ¢11.70 against the American greenback on the retail market and ¢11.00 on the interbank market.

On the retail market, the cedi has lost about 14%, according to Bloomberg.

Cedi to remain fairly stable

Last week, analysts believed the cedi was expected to remain relatively stable on the forex market.

They anticipated a positive Mid-Year Budget Review this month and a successful first evaluation of the International Monetary Fund programme could set the tone for the local currency’s trajectory in the second half of 2023.

The local currency had lost marginal grounds against the dollar and the other major foreign currencies last week. It went down 0.21% week-on-week in value to the American greenback, depreciated 0.33% and 1.57% to the pound and euro, respectively.

This was a result of poor forex liquidity and increased demand pressures. The Bank of Ghana provided no support on the spot market.

However, the expected $20 million in bi-weekly forex support to Bulk Oil Distributors was expected to cushion the cedi against volatility.