Audio By Carbonatix
The Ghana Cedi is expected to trade fairly stable against the US dollar this week on the retail market.
This is against the backdrop of the Bank of Ghana’s relentless market intervention.
Ghana's reserves have seen a sharp growth and the central Bank has been intervening in the forex market to keep the cedi relatively stable.
Last week, the Bank of Ghana’s US$254.60 million market intervention sufficiently met demand for the American greenback.
As a result, the local unit remained stable versus the US dollar on the retail market, closing at a mid-rate of GH¢15.90/$.
However, it depreciated by 2.17% week-on-week against the pound and 2.54% versus the euro.
Meanwhile, the cedi started trading yesterday, April 21, 2025, unchanged at GH¢16.00 to one dollar. Its year-to-date loss stood at 2.36%. However, it gained marginally today, April 22, 2025, going for GH¢15.98.
Ghana recently reached a Staff Level agreement with the International Monetary Fund (IMF) during the fourth review of the US$3.0bn Extended Credit Facility (ECF).
This bolstered market sentiment.
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