
Audio By Carbonatix
The Ghana cedi is expected to exhibit mixed performance against the US dollar for the second week running.
This is because of the uncertainty characterising the expected International Monetary Fund support programme for Ghana which has kept some market players anxiously waiting for updates.
They believe a clear statement regarding the country’s programme from the Fund will calm nerves.
The cedi fell in value across the major trading currencies last week due to renewed demand for the dollar and the other major foreign currencies.
The local currency lost 4.37% week-on-week against the US dollar to close trading at a mid-rate of about ¢11.95 to the dollar. It was, however, relatively stable against the pound and euro, losing only 1.07% and 0.82% respectively.
The Bank of Ghana injected about $3 million on the spot market and allocated $20 million to the Bulk Oil Distributions Companies, which some analysts said was insufficient to meet market demand.
Meanwhile, the increase in the cash reserve ratio of banks to 14%, from 12% will compel banks to sell foreign exchange holdings to unlock cedi liquidity.
Again, the World Bank has contributed $250 million to Ghana's Stability Fund to support banks affected by the Domestic Debt Exchange Programme. This will improve dollar liquidity in circulation.
Latest Stories
-
‘Stop the propaganda and release GARID funds to save lives’ – Oppong Nkrumah to gov’t
23 seconds -
Supreme Court at 150: Prof. Bondzi-Simpson traces evolution of Ghana’s judiciary from colonial era to constitutional democracy
41 minutes -
Gov’t has spent more on flood control under GARID in 2 years than NPP did in 5 – Atta Issah
44 minutes -
Prof. Bondzi-Simpson calls for deeper reflection on 150 years of Ghana’s judicial evolution
46 minutes -
MUSIGA sympathises with flood victims, urges Ghanaians to stay safe
57 minutes -
AMA declares one-month free refuse collection exercise in Accra
2 hours -
Mahama swears in Dr Pamela Graham as Ghana’s first female Auditor-General
2 hours -
Government launches dedicated GETFund support for learners with special educational needs
2 hours -
Dangerous US heatwave looms over 4 July holiday, World Cup and Swift wedding
2 hours -
Ghana Armed Forces to brief nation on nationwide flood mitigation exercise
2 hours -
Police arrest 24 in major anti-crime swoop in Ashanti Region
2 hours -
Youth Model Parliament by GYEA unveils 2026 nominees
2 hours -
Ghana National Council of Metropolitan Chicago launches GhanaFest® 2026 with historic first-ever Ghana flag-raising ceremony
2 hours -
Public health officers push for face masks and handwashing amid post-flood risks
2 hours -
USTED, KNUST Host SFA Foundation team for NEPS Youth Mental Health Project review
2 hours