Following weeks of comparatively stable exchange rates, the Ghana cedi has now reached GH¢16 to the US dollar on the retail market.
This is the average amount that the majority of forex bureaus sell the dollar for.
The recent event indicates that there is still pressure on devaluation.
Professor Williams Peprah, a financial analyst, stated that there was no need to panic just yet because this might be the result of a weekend bump.
He anticipates that the value of the local money will remain stable at GH¢15.90 until November 2024, when the Christmas season approaches.
The recent achievement coincides with the International Monetary Fund’s decision to remove limitations on the Bank of Ghana’s dollar auctions following a robust reserve buildup as part of a $3 billion economic recovery program.
The removal of regulations is anticipated by analysts to reinforce the cedi even further.
The Ghana cedi depreciated by 19.6% against the US dollar on the interbank forex market as of July 2024, according to the Bank of Ghana. On the retail market, it saw a 21% loss in value. The cedi was trading at GH¢15.60 per dollar on the retail market, while the Bank of Ghana quoted it at GH¢14.78. The cedi also depreciated by 20.8% against the pound and 18.4% against the euro, trading at GH¢19.10 and GH¢16.09, respectively. Despite earlier losses, the cedi showed some stability against the dollar recently due to market factors.
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