The Ghana cedi's trouble continues as its depreciation against the US dollar and the other major foreign currencies is not ending anytime soon.
Its year-to-date depreciation stood at15.16% to one American greenback, making it one of the worst-performing currencies in Africa in 2024.
Most forex bureaus, according to Joy Business checks, are selling one US dollar for GH¢14.40 on average.
Analysts are envisaging a continuous weakening trajectory of the local unit this week in the near term as foreign exchange demand-supply disparity remains substantial.
They, however, anticipate improved liquidity conditions towards the end of quarter two of 2024 after the International Monetary Fund (IMF) board approves the second review of Ghana’s programme. This will lead to a tranche disbursement of US$360 million under the IMF programme.
Last week, the local unit headed downhill as corporate demand, mainly from the energy and manufacturing sectors, remained heightened.
Despite the Bank of Ghana selling US$22 million on the spot market while auctioning US$20 million to the Bulk Oil Distribution Companies (BDCs), the local unit recorded losses at the close of the week as demand surpassed foreign exchange (FX) liquidity.
On the retail market, the Ghana cedi concluded the week with a significant week-on-week loss of 2.97% against the American greenback against 0.90% from the previous week. This resulted in a year-to-date loss of 14.11% at the end of April 2024.
The local unit also shed 3.83% and 3.32% week-on-week vs the pound and euro, resulting in year-to-date losses of 17.63% and 12.11%, respectively
Latest Stories
-
Time to impose strict debt ceiling to curb Ghana’s ever rising debt:– Prof Peter Quartey
2 hours -
Ghana’s Rising Debt: It’s difficult to justify that we borrowed for sustainable development – Prof Peter Quartey
2 hours -
#GPL 2024/25: Hearts stumble in title race as Dreams snatch shock win
2 hours -
Brentford beat Bournemouth for fifth straight away win
3 hours -
Man City drop points at home against Brighton
3 hours -
Mbappe double sparks Madrid comeback win over Villarreal
3 hours -
Capt. Georgina Jopap grabs maiden Nana Konadu Agyeman-Rawlings Legacy Award
3 hours -
Coalition of Anti-Galamsey Executives urges action on galamsey, demands probe into politically linked miners
3 hours -
We can only wish Dampare well and appreciate his services – Felix Kwakye Ofosu
4 hours -
Proper oral hygiene impacts overall well-being – Dr. Louisa Satekla
4 hours -
Ken Ofori-Atta sues OSP for declaring him wanted
4 hours -
CRS donates 20 modified motor-tricycles ambulances to improve emergency healthcare
5 hours -
Ejura Traditional Council offers financial support to Assembly members to combat crime
5 hours -
GPL 2024/25: Young Apostles defeat Accra Lions to deepen relegation woes
5 hours -
GPL 2024/25: Asante Kotoko drop points after draw with Samartex
5 hours