
Audio By Carbonatix
The Ghana cedi is expected to trade steadily this week as the Bank of Ghana continues its market interventions to cool off the pressure on the local unit.
This is coming after the local currency lost 0.32% week-on-week against the US dollar on the retail market last week.
It closed the week at a mid-rate of GH¢15.73 to one dollar, taking its year-to-date loss to 1.27%.
Similarly, it depreciated by 0.76% and 0.61% versus the pound and the euro on the retail market.
However, it began the week on an improved note, going for GH¢15.75 or a mid-rate of GH¢15.68.
The cedi came under renewed pressure last week despite efforts by the Bank of Ghana to improve forex liquidity.
In the 71st FX auction for the Bulk Distribution Companies (BDCs), the Central Bank allotted US$20 million at a 30-day forward rate of GH¢15.5582 to a dollar. This reflected a 100 basis points increase from the previous auction rate of GH¢15.4684 to one American greenback.
The Central Bank also provided US$96.13 million on the market to help tame demand pressures.
However, this was insufficient to stabilise the cedi, as local demand outpaced the market supply.
Latest Stories
-
Netherlands Fire Chief in Ghana to support fire safety reforms and market fire prevention efforts
2 minutes -
Gov’t cuts fuel taxes, deploys buses to curb impact of rising fuel prices
33 minutes -
Interior Minister calls for intelligence-driven strategy as Ghana strengthens counter-terrorism efforts
33 minutes -
Adenta Circuit Court remands Pastor William Gyimah over viral threats against Vice President
1 hour -
“We’ve implemented changes to prevent a repeat of the AFCON final” – CAF President Motsepe
1 hour -
Gov’t orders deployment of Metro Mass buses to cushion commuters amid fuel price hike
2 hours -
Key Indian state polls begin in test for Modi’s party
2 hours -
Playback: Gomoa Easter Carnival in photos
3 hours -
Gov’t orders removal of fuel taxes to ease pump price hikes
3 hours -
“Whatever the decision of CAS, we will respect it” – CAF President Motsepe after AFCON final meetings in Morocco
3 hours -
Emma Ankrah: When waiting becomes part of treatment – Reflections on hospital care
3 hours -
Ghana urges travellers to prepare for new EU border system roll-out
3 hours -
Mahama enforces fuel coupon ban for ministers as cabinet moves to slash fuel taxes
3 hours -
Task force probes strange fish deaths in Tema
3 hours -
Neglected traffic lights turn Awoshie–Anyaa highway into deadly hotspot
4 hours