For the majority of last week, the spot market support provided by the Bank of Ghana, valued at $10 million, kept the value of the Ghana cedi relatively constant.
But by the end of the week’s trade, the local unit was under pressure from ongoing corporate demand.
As a result, the local currency decreased somewhat against the US dollar each week to close at GH¢15.95/$ on the retail market.
On the retail market, the cedi fell by 0.25% and 1.31% week over week against the pound and the euro, respectively.
It is now selling on the retail market for GH¢15.87 to the US dollar. Since January 1, 2024, it has fallen short of the global currency by 23.11%.
It is now selling on the retail market for GH¢15.87 to the US dollar. Since January 1, 2024, it has fallen short of the global currency by 23.11%.
In the future, during this week’s forward currency auction, the Central Bank plans to sell $20 million to the Bulk Oil Distributing Companies.
Experts anticipate that the auction will lessen some of the market pressures brought on by corporate demand and reduce the depreciation of the cedi.
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