The Ghana cedi depreciated on each the interbank market and the retail market final week.
This follows renewed demand for the American dollar and geopolitical dangers as Israel and Iran commerce assaults and US-China commerce talks.
The native forex misplaced 6.37% week-on-week to shut at a mid-rate of GH¢12.55 per one US greenback, 6.06% week-on-week to the pound (GH¢16.50/GBP), and 5.63% week-on-week to euro (GH¢14.20/EUR).
This decreased its year-to-date acquire to the American dollar to 23.71%.
On the interbank market, the cedi weakened by 0.97% week-on-week to shut at a midrate of GH¢10.35to one greenback.
The scenario didn’t change yesterday June 16, 2025, because the cedi held agency to the greenback and the opposite main foreign exchange on each the retail market and interbank market.
This follows the announcement by scores company Fitch of an improve of Ghana’s credit standing to B- and outlook secure.
“We consider renewed company FX [foreign exchange] demand on Friday [June 13, 2025], alongside the seasonal US$20 million BDC public sale, diluted early-week BoG [Bank of Ghana] assist, inflicting the cedi to shut weaker regardless of improved provide”, Databank Analysis stated.
This adopted a raise in greenback sentiment after US-China commerce talks in London.
“This week, we anticipate enhanced BoG interventions to anchor near-term stability amid potential gold windfalls from escalating Israel-Iran tensions; nonetheless, we acknowledge that any stronger-than-anticipated safe-haven demand for the US$ relative to gold may drive additional greenback positive factors in opposition to the native forex”, it added.
The cedi is presently being offered for a median of GH¢12.20 on the foreign exchange bureaus.
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