The demand pressure on the Ghana cedi eased last week but the local currency continued to depreciate marginally.
The cedi shed 1.21% to the dollar last week on the retail market compared to 1.84% the previous week.
Against the pound, it weakened by 0.71% but recovered its 0.42% week-on-week losses against the Euro on the retail market.
The local currency is presently being sold by GH16.35 to one American greenback on the retail market.
It has so far this year lost 26.10% to the dollar, making it one of the worst performing currencies on the African continent in 2024.
Outlook of cedi
The Parliament of Ghana has approved a US$250 million World Bank loan under the Ghana Energy Sector Recovery Programme to bolster the current energy sector challenges. T
The facility is also intended to help reduce the energy sector debts and maintain a consistent energy supply across the country, promoting economic growth.
Analysts see room for improved market sentiments in the coming weeks once the fund is released by the Bank of Ghana.
This should auger well for the local unit’s near-term outlook
Latest Stories
-
48 factories constructed under 1D1F in Ashanti Region – K. T. Hammond
1 hour -
MPs’ financial sacrifice; is it worth the cost? – John Awuah quizzes
1 hour -
Majority of fisherfolks want premix fuel subsidy removed — Study
2 hours -
Ghana takes delivery of 500 metric tonnes of grains from ECOWAS
2 hours -
‘Disability is not a taboo, but a leadership disadvantage’ – Dr. Bomfeh Jnr
2 hours -
The charges against Sean ‘Diddy’ Combs explained
2 hours -
Second wave of Lebanon device explosions kills 20 and wounds 450
3 hours -
X says its return in Brazil after ban ‘inadvertant’
3 hours -
Ukraine boxing champ Oleksandr Usyk released after Poland detention
4 hours -
China aircraft lessor orders 50 737 MAX jets, in boost to Boeing
4 hours -
Google scores rare legal win as €1.49bn fine scrapped
4 hours -
Why hundreds of Samsung workers are protesting in India
4 hours -
Musk’s satellites ‘blocking’ view of the universe
5 hours -
Nabdam farmers lament drop in prices of vegetables
5 hours -
Global vaccine alliance GAVI to buy 500,000 doses of mpox vaccine
5 hours