The Ghana cedi would 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.
While market activity appears dull, analysts expect some stability in the near term.
They anticipate a slight improvement in foreign exchange liquidity in the near term, which should bolster cedi against the major foreign currencies.
Last week, the depreciatory pressures on the local unit 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.
This took its year-to-date loss to about 12.0%. The local currency traded at ¢12.13 to one dollar but presently going for ¢12.18.
Similarly, on the interbank market, the cedi weakened 0.32% week-on-week versus the dollar, 1.80% against the euro and 1.40% against the pound. The year-to-date depreciation to the US dollar stood at about 23.14%.
Latest Stories
-
35th CIMG Awards: Full list of winners
54 mins -
The Multimedia Group wins big at CIMG Awards 2023
2 hours -
Bernard Mornah wins PNC flagbearship race
2 hours -
Video: Confusion at PNC National Executives election
3 hours -
Rapper E.L. joins King Promise as Guinness Accravaganza headliner for September 21 showdown
4 hours -
PNC Congress: Bernard Mornah leads in Greater Accra Region
4 hours -
Reject violence, divisive rhetoric, embrace peace ahead of elections – Bawumia appeals to Ghanaians
4 hours -
SEFF’s debut single ‘Father’ sets stage for bold new talent
5 hours -
Super typhoon Yagi kills four in Vietnam
6 hours -
Hollard Insurance-UENR Mentoring Day: Students urged to let hard work, integrity shine to advance career
6 hours -
2024/25 GPL: Vision FC opens campaign with draw against Berekum Chelsea
6 hours -
If Baba Yara pitch was good, Mumin clears the ball – Laryea Kingston
6 hours -
GPL 2024/25: Samartex begin title defence with draw against Dreams FC
7 hours -
Financing road construction and maintenance through a special fuel levy: A sustainable solution for Ghana’s road infrastructure
7 hours -
Ghana Celebrity Impact Awards 2024 launched to honor positive social influence
7 hours