Audio By Carbonatix
The Ghana cedi is expected to remain relatively stable against the US dollar this week, following an ease in corporate demand.
This follows a slight gain against the American greenback last week.
The local unit closed stronger against the major trading currencies last week, amidst the Bank of Ghana’s intervention in the market and reduced demand from importers and corporate institutions.
It gained 0.62% week-on-week against the dollar, reaching a mid-rate of ¢12.02 to one American greenback. It also advanced 0.86% against the pound, whereas it remained unchanged against the euro on the retail market.
The Central Bank sold $20 million dollars to the Bulk Oil Distribution companies and $3.8 million on the spot market.
This stamped out some foreign exchange demand, aiding the cedi’s performance last week.
On the interbank market, the situation was however calm.
Meanwhile, the cedi has lost about 11.73% in value to the dollar on the retail market since January 1, 2023. This is compared with 22% depreciation on the interbank market.
Latest Stories
-
Students who engage in inter-hall fights will be sacked – UCC Acting Vice Chancellor warns
23 minutes -
Disco Dance hit maker Ebo Taylor dances into eternity
28 minutes -
We are working to pay cocoa farmers’ arrears, exploring new funding model – COCOBOD
33 minutes -
Analysis: How the proposed sliding-scale royalties could impact mining revenue
37 minutes -
Renaming Kotoka International Airport: Counting benefits versus costs
52 minutes -
Husband reported wife missing, then her body was found in wedding dress bag
1 hour -
Man named in South Africa’s police corruption probe found dead
1 hour -
Dembele scores twice as PSG hit 5 past Marseille
1 hour -
Real Madrid beat Valencia to close gap to leaders Barca
2 hours -
Real Madrid wants to sign Barcelona’s Pedri: Report
2 hours -
Spanish train drivers to begin nationwide strike after fatal crashes
2 hours -
Netherlands returns 3,500-year-old looted sculpture to Egypt
2 hours -
‘Trump’s psyche’: The aide driving president’s most controversial policies
2 hours -
Algeria begins to cancel air services agreement with UAE
3 hours -
Gunmen kill three people and abduct Catholic priest in northern Nigeria
3 hours