For the primary time in a number of weeks, the Ghana cedi depreciated week-on-week in opposition to the US greenback and the opposite main foreign currency echange within the retail market.
The decrease foreign money misplaced 3.52% in opposition to the greenback, 2.01% to the pound, and three.08% to the euro, respectively.
It traded at a mid-rate of GH¢11.75 in opposition to the American dollar.
The weak efficiency of the cedi within the retail market final week was because of elevated demand pressures within the foreign exchange market.
Nevertheless, the native unit strengthened barely in opposition to the US greenback within the interbank market, appreciating by a modest 0.29% to shut at a midrate of GH¢10.25 to at least one greenback.
Databank Analysis believes the softer-than-expected Might 2025 US labour knowledge weighed on the greenback throughout main pairs, driving a modest cedi acquire on the interbank market
Nevertheless, it identified that “Though renewed commerce negotiations and tempered greenback sentiment could anchor cedi stability within the interbank market, intensifying foreign exchange demand from repatriation-related outflows is predicted to exert stress within the retail market”.
This might constrain broad-based cedi positive aspects within the close to time period, regardless of comparatively subdued sentiment in anticipation of the US$370 million Worldwide Financial Fund (IMF) disbursement.
In the meantime, the cedi started this week shedding worth barely in opposition to the greenback.
It’s going for GH¢11.60 to at least one American dollar within the retail market.
Its year-to-date appreciation nonetheless stands at 32.13%
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