The Ghana cedi depreciated throughout each the interbank and retail markets final week following sturdy demand amid weak assist for international change.
It declined in worth by 6.58% towards the US greenback, 6.20% towards the pound, and 6.51% towards the euro, to shut buying and selling at GH¢11.40, GH¢15.40, and GH¢13.34, respectively.
Within the retail market, the cedi depreciated by 5.80%, 5.44%, and 4.53% towards the greenback, pound sterling, and euro, respectively, settling at mid-rates of GH¢12.50/US greenback, GH¢16.55/pound, and GH¢13.35/euro.
On a month-on-month foundation, the cedi slipped by 7.89% to the greenback, with the Yr-To-Date positive factors trimming off to twenty-eight.95% from 40% recorded in July 2025.
“Mirroring our expectation, sturdy company demand pressures amid skinny FX [foreign exchange] assist and a resilient US greenback intensified nominal depreciations of the cedi”, Databank Analysis revealed.
Heightened expectations, pushed by opposed regulatory tightening and weaker foreign exchange flows, additional fuelled the weak development.
“We anticipate mounting bids within the close to time period as importers put together forward of the festive season, sustaining stress on the native foreign money. BoG’s tighter measures to curb FX [foreign exchange] leakages could take time to filter by, with any potential rebound by fortnight finish contingent on stronger FX assist, expectations of a Fed charge reduce, and the US$ 4billion inflows to assist cocoa purchases”, Databank Analysis added.
In the meantime, the cedi began buying and selling this week unchanged at GH¢12.70 (mid-rate: GH¢12.50) to 1 greenback.
DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially characterize the views or coverage of Multimedia Group Restricted.
DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially characterize the views or coverage of Multimedia Group Restricted.
Source link
