The Ghana cedi has depreciated by about 19.6% to the US greenback on the interbank foreign exchange market as of July 2024, the Bank of Ghana has disclosed
This is decrease than the about 21% loss in worth to the American buck on the retail market.
According to the Central Bank’s July 2024 Summary of Financial and Economic Data, the cedi misplaced 7.7% in worth to the greenback in March 2024 and depreciated by 10.5% in opposition to the greenback in April 2024. It once more 15.9% and 18.6% in worth to the world’s most vital forex in June 2024 and July 2024.
Whilst it’s going for GH¢15.60 on common in opposition to the greenback on the retail market, the Bank of Ghana is quoting one greenback as GH¢14.78.
Against the pound, the cedi has thus far depreciated by 20.8%. It is buying and selling at GH¢19.10.
It has additionally misplaced 18.4% in worth to the euro. It is promoting at GH¢16.09.
Cedi stabilised in opposition to greenback
Last week, the Ghana cedi prolonged its rally in opposition to the US greenback, amidst rising company demand.
The market continued to cling to a possible price lower by the US Federal Reserve quickly, contributing to the weakening American buck.
As a consequence, the native forex gained 0.29% week-on-week vs the greenback to finish the week’s trades at a mid-rate of GH¢15.64/$ on the retail market.
It was the second week the cedi made good points in opposition to the world’s most vital forex.
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