The Ghana cedi has lost about 25.8% in value against the US dollar as of November 2023, the Bank of Ghana has disclosed.
According to its November 2023 Summary of Economic and Financial Data, the cedi remained relatively stable between March 2023 and September 2023 until losing ground in October 2023 and November 2023.
In March 2023, the rate of depreciation of the cedi to the American greenback was 22.1%. This is compared with 22.9% in September.
However, in October 2023 and November 2023, the rate of depreciation was 25.4% and 25.8% respectively. The cedi is currently going for about 12.15 in the forex market.
Against the pound and the euro, the cedi has lost 28.6% and 27.7% respectively.
The local currency had come under severe pressure in the last two months due to increased demand for dollar by corporates and importers ahead of the festive season.
Last week, the depreciatory pressures on the cedi continued to heighten amidst limited forex support.
The Bank of Ghana auctioned $20 million to the Bulk Oil Distribution Companies (BDCs), while providing $2 million on the spot market.
However, these central bank supports proved insufficient to hold up the cedi as it weakened at the week's final trading session.
The cedi lost 0.41% week-on-week against the dollar, 0.41% to the pound and 0.78% against the euro on the retail market. The depreciation was however lower than the preceding week.
Meanwhile, the cedi was expected to remain relatively stable this week, following the recent approval of the $800 million cocoa syndication loan by Parliament, and the $102.6 million African Development Bank budget support programme for Ghana.
Latest Stories
-
The Fourth Estate’s investigative report wins 2nd place at 2024 AIJC
2 mins -
GPL: Our fans spur us on – GoldStars head coach Frimpong Manso on unbeaten run
41 mins -
Plantain chips are breaking hearts in Africa
46 mins -
61 new architects acquire state license to practice in Ghana
1 hour -
Masloc CEO honoured as capacity building Shero of the Year
1 hour -
MPs’ Repeated Attempts to Sue the Speaker: Unintended Consequences for the 2024 Elections?
1 hour -
Today’s front pages: Tuesday, November 5, 2024
2 hours -
Galamsey: Investigation into attack on Joy News’ Erastus Asare and colleagues already growing cold
2 hours -
Mahama promises construction of stadia in all 16 regions if elected
2 hours -
Dampare has transformed Police training school – Bawumia
2 hours -
America braced as two stark visions collide on election day
2 hours -
NAPO urges Ghanaians to support NPP’s vision for national development
3 hours -
About 95% of PWDs in Obuasi have source of livelihood – MCE
3 hours -
Immigration Service intercepts 54 gallons of fuel
3 hours -
Election 2024: Roman Fada selected as flagbearer for Ghana Freedom Party
3 hours