The Ghana cedi will record stability in the near term, helped by Moody's upgrade of Ghana’s credit rating and the expected US$360 million inflow from the International Monetary Fund.
However, it is expected to weaken this week as seasonal demand pressures resurface.
Last week, the cedi recorded mixed performance against the major trading currencies.
The local unit recorded 1.01% week-on-week losses versus the US dollar due to seasonal demand pressures from the manufacturing and energy sectors.
However, it gained 0.35% week-on-week against the pound after the announcement of a possible aggressive policy rate cut in England.
Similarly, the local unit appreciated by 1.27% week-on-week to the euro as weaker-than-expected inflation in France and Spain prompted the European market of a possible rate cut from the European Central Bank during the October 2024 Monetary Policy Committee Meeting.
So far this year, the cedi has lost about 25% of its value to the American greenback on the retail market.
It is selling at GH¢16.40 to one US dollar on the retail market.
Meanwhile, the Ghana cedi and three other currencies are the worst-performing currencies in Sub-Saharan Africa (SSA) in 2024, the World Bank’s October 2024 Africa Pulse Report has revealed.
According to the report, the cedi has lost about 24% value to the US dollar, placing it as the 4th weakest in SSA.
South Sudan’s pound (over 60%), Ethiopia's birr (51%) and Nigeria’s naira (over 40%) are the worst-performing currencies in Sub-Saharan Africa in 2024.
Latest Stories
-
‘Expired’ rice scandal: FDA is complicit; top officials must be fired – Ablakwa
26 mins -
#TheManifestoDebate: We’ll provide potable water, expand water distribution network – NDC
44 mins -
IPR Ghana@50: Pupils educated to keep the environment clean
50 mins -
PenTrust CEO named ‘Best Pensions CEO’, company wins ‘Scheme Administrator Award’ at Ghana Accountancy & Finance Awards 2024
1 hour -
Alan Kyerematen’s ‘Brighter Future for Health Professionals’ in Ghana Revealed in Bono
1 hour -
#TheManifestoDebate: NPP will ensure a safer, cleaner and greener environment – Dr Kokofu
1 hour -
2024 Election: Police to deal with individuals who will cause trouble – IGP
1 hour -
Seychelles President’s visit rekindles historical and diplomatic ties with Ghana
2 hours -
Election 2024: EC destroys defective ballot papers for Ahafo and Volta regions
2 hours -
2024 Election: I am sad EC disqualified me, but I endorse CPP’s candidate – PNP’s Nabla
2 hours -
I want to build a modern, inclusive country anchored by systems and data – Bawumia to CSOs
2 hours -
Miss Health Ghana 2024: Kujori Esther Cachana crowned new Health Ambassador
2 hours -
Playback: The manifesto debate on WASH and climate change
2 hours -
Alan Kyerematen saddened by NDC and NPP’s neglect of Krofrom Market in the Ashanti Region
2 hours -
CSIR Executive Director urges farmers to adopt technology for improved farming
3 hours