The Ghana cedi remained relatively stable for the most part of last week, buoyed by a $10 million Bank of Ghana’s spot market support.
However, persistent corporate demand pressures put the local unit on the back foot at the tail end of the week’s trading.
Consequently, the local unit shed a marginal 0.47% week-on-week against the US dollar to end trades at GH¢15.95/$ on the retail market.
The cedi also dipped by 0.25% and 1.31% week-on-week to the pound and the euro respectively, on the retail market.
It is presently going for GH¢15.87 to the American greenback on the retail market. It has since January 1, 2024 lost 23.11% to the world’s powerful currency.
Going forward, the Central Bank intends to sell $20 million to the Bulk Oil Distributing Companies during this week’s forward forex auction.
Analysts expect the auction to help tame some corporate demand pressures on the market and slow the cedi’s depreciation.
Latest Stories
-
More-Women donates start-up equipment to Manyoro community
18 mins -
NCCE to embark on indefinite strike on September 18
36 mins -
NPP ‘fiercely’ opposes actions that compromise EC’s independence – Henry Nana Boakye
36 mins -
Political actors must prioritize issues of women and children in electioneering – ICGC PVV
52 mins -
Empowering change: Political commitments to Ghana’s Affirmative Action
54 mins -
Akufo-Addo sacks NSA Director General following CAF’s withdrawal of Baba Yara license
58 mins -
FWSC urges NCCE staff to stay planned strike action in favour of negotiation
58 mins -
The Story of Your Name: an Emotional Justice project
1 hour -
Uefa Champions League returns to Hitz FM and Joy FM
1 hour -
I’ll introduce community mining scheme to eradicate galamsey – Bawumia
1 hour -
Galamsey: Meeting between TUC and gov’t Ad-hoc committee ends inconclusively
1 hour -
BoG pledges to continue to bolster engagements with financial institutions to reduce fraud
1 hour -
Miss Malaika Ghana 2024: The glow-up season top 20 unveiled
1 hour -
Deloitte holds ‘Managing Employee Income Tax & Expatriate Immigration Compliance’ training
1 hour -
CSE report warns decline in groundwater in African countries, urges revival of ancient rainwater harvesting techniques
1 hour