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.
Latest Stories
-
Oil hits over 1-week low on hopes of boost to diplomacy in Iran war
38 minutes -
They take GH¢100, sometimes GH¢200 – Okada riders allege police extortion in Accra
47 minutes -
NACOC: We’ve found no presidential escort among suspects in €225m France cocaine case
56 minutes -
Don’t turn students away over trunks and chop boxes – GES
1 hour -
Italian Apple store employees strike on iPhone 18 Pro launch day
1 hour -
Apple’s Tim Cook sees Australia’s social media curbs as ‘world-leading’, PM says
1 hour -
Amazon raises minimum hourly pay by $1 to $20 for US operations workers
2 hours -
Insurance cost has largely remained stable – NPA boss on transport fare pressure
2 hours -
Multiple unions threaten strikes at Barrick’s flagship Mali gold mine, documents show
2 hours -
Infantino invited to African summit as he faces challenge to FIFA leadership
2 hours -
NPA boss flags ‘recalcitrant’ transport operators raising fares arbitrarily
2 hours -
GPRTU fare hike put on ice after talks with government – NPA boss reveals
3 hours -
I’m greatly worried – NPA boss on threat of higher transport fares
3 hours -
We are largely import-dependent – NPA boss on Ghana’s fuel vulnerability
3 hours -
Ghana’s fuel market is built for turbulence – NPA’s Edudzi Tamakloe explains why
4 hours