Audio By Carbonatix
The Ghana cedi is expected to weaken for the third week running against the US dollar.
This follows rising foreign exchange demand from local corporates and importers ahead of the Christmas season.
Last week, the Central Bank auctioned $20 million to Bulk Oil Distribution Companies and $2.0 million for spot market interventions. These many analysts said were insufficient to meet the persistent foreign exchange demand.
Nonetheless, the rate of depreciation is not alarming.
The local currency depreciated last week following limited foreign exchange support from the Bank of Ghana.
It lost 0.17% in value against the dollar, closing at ¢11.84.
It also depreciated by 0.86% against the pound and 0.60% against the euro on the retail market.
On the interbank market, the cedi however posted a mixed performance.
It lost 0.73% week-on-week in value to the American greenback, whilst it made a marginal gain (+0.06%) to the euro. It remained stable to the British pound.
Latest Stories
-
The Inconvenient Truth: Deliverism not the Barracks must hold Africa together
1 hour -
Lithuania declares emergency situation over Belarus balloons
3 hours -
Trump criticises ‘decaying’ European countries and ‘weak’ leaders
3 hours -
Afroquality announces ‘Becoming Us’ – a first-of-its-kind PanAfrican micro series redefining how brands tell African stories
3 hours -
Government’s reduction of Lithium Royalty Rate from 10% to 5% raises serious concerns – APL
4 hours -
“Africa cannot afford to be a bystander” – Mahama
4 hours -
Halt ratification of revised lithium agreement between Ghana and Barari
4 hours -
Gov’t will continue to prioritise quality healthcare at all levels – Vice President
4 hours -
Why the NDC’s reduced Lithium Royalty Rate proposal is “Strange and Legally Baseless” – Africa Policy Lens
4 hours -
Your non-involvement enabled us to speedily approve our estimates – Ayariga trolls angry Minority
4 hours -
Christian Council commends government’s Sanitation Week initiative ahead of Christmas
4 hours -
Ghana risks losing about US$630 million if government reduces lithium royalty rate from 10% to 5% – Africa Policy Lens warns
5 hours -
Parliament approves budget allocations despite Minority’s chaotic scenes over Kpandai dispute
5 hours -
GhanaFest Europe debuts in The Hague, showcasing trade and culture
5 hours -
emPLE deepens regional impact with support for Special Project at ART X Lagos 2025
5 hours