Cedi Lost 1.94% Value To Dollar Last Week; $1 Equals ¢13.05

The Ghana cedi lost about 1.94% value to the US dollar last week to trade at an average of ¢13.0.

The local currency closed the week at an indicative rate of ¢11.01/$1 on the interbank market.

Bank of Ghana Exchange Rates pic.twitter.com/PeFvTwftQT

— Bank of Ghana (@thebankofghana) February 28, 2023

It also posted a week-on-week depreciation of 1.94% against the pound and 1.83% vs. the euro on the retail market.

This was despite increased foreign exchange (FX) support on the market by the Bank of Ghana.

Although the Bank of Ghana increased dollar support on the market, it could not tame the demand for the American greenback.

The Central Bank also provided about $10.75 million on the spot market last week.

Again, the regulator received and allocated $30 million at a 30-day forward rate of ¢12.1203/$1 for the Bulk Oil importers (BDCs) compared to the rate of ¢11.9095/$1 in the previous auction. This showed signals of demand pressures.

The cedi is presently going for ¢13.05 to the dollar in the retail market.

Meanwhile, analysts are hopeful the successful settlements of the new bonds and Ghana’s upcoming debt cancellation talks with China are expected to improve investor confidence and the outlook of the cedi.