The Ghana cedi has depreciated by about 19.6% to the US dollar on the interbank forex market as of July 2024, the Bank of Ghana has disclosed
This is lower than the about 21% loss in value to the American greenback on the retail market.
According to the Central Bank’s July 2024 Summary of Financial and Economic Data, the cedi lost 7.7% in value to the dollar in March 2024 and depreciated by 10.5% against the dollar in April 2024. It again 15.9% and 18.6% in value to the world’s most important currency in June 2024 and July 2024.
Whilst it is going for GH¢15.60 on average against the dollar on the retail market, the Bank of Ghana is quoting one dollar as GH¢14.78.
Against the pound, the cedi has so far depreciated by 20.8%. It is trading at GH¢19.10.
It has also lost 18.4% in value to the euro. It is selling at GH¢16.09.
Cedi stabilised against dollar
Last week, the Ghana cedi extended its rally against the US dollar, amidst rising corporate demand.
The market continued to cling to a potential rate cut by the US Federal Reserve soon, contributing to the weakening American greenback.
As a result, the local currency gained 0.29% week-on-week vs the dollar to end the week’s trades at a mid-rate of GH¢15.64/$ on the retail market.
It was the second week the cedi made gains against the world’s most important currency.
Source: Myjoyonline
