The pressure on the Ghana cedi continued as the local currency lost 3.95% against the US dollar in October 2024, taking its year-to-date depreciation to nearly 29%.
It is coming after the Governor of the Bank of Ghana, Dr. Ermest Addison’s statement that the cedi will soon post gains against the American greenback.
Last week, the local unit also lost 1.50% in value against the British pound, and 0.69% against the euro. Despite the Bank of Ghana’s effort to stabilise the currency by auctioning US$20 million to the Bulk Oil Distributors (BDCs) and selling US$81.47 million during the 7-day forward auction, these interventions did little to address the heightened demand.
The cedi began the week on November 4, 2024, selling at GH¢17.10 to one American dollar on the retail market.
Last week, the Bank of Ghana signaled it would resume daily intervention on the spot market in a bid to address the outstanding corporate foreign exchange demand.
Analysts expect the cedi to benefit from this initiative, providing it with some stability in the coming weeks.
However, this week the cedi is expected to continue depreciating due to persistent demand pressures coupled with potential US dollar strengthening following the upcoming U.S. presidential election and the Federal Reserve's interest rate decision. In 2024, the local currency depreciated by about 15.57%.
Latest Stories
-
Power challenges persist due to government’s mismanagement of revenues – Okudzeto Ablakwa
29 seconds -
Jordan Ayew injury not as bad as feared – Leicester City boss
9 mins -
Stonebwoy heads to North America for UP & RUNNIN6 tour
10 mins -
FDA explains extension of best-before date for ‘expired’ rice
15 mins -
Rebecca Akufo-Addo, Mahama storm Akuapem North as NPP NDC slugs it out
17 mins -
Fatawu’s injury a big blow for us – Leicester City manager
28 mins -
No MC has influenced pop culture in 2024 more than me – Portfolio
31 mins -
Kpando NCCE holds dialogue for Parliamentary Candidates
46 mins -
Bawumia solicits support of CSOs to tackle ‘entrenched interests’ in corruption fight
49 mins -
I’m looking forward to working with CSOs, research institutions; they have a lot to offer – Bawumia
52 mins -
The former illegal miner who became valedictorian: Eliasu Yahaya Bansi’s KNUST journey
1 hour -
Prof Opoku-Agyemang slams gov’t over supply of ‘expired’ rice to Senior High Schools
1 hour -
‘Expired rice’: FDA fines Lamens Investments GH¢100k for regulatory violations
1 hour -
No student has been served unwholesome meals – Nana Boakye
1 hour -
Galamsey has left our river deities powerless – Fetish Priest laments
2 hours