The Ghana cedi strengthened towards the US greenback, euro, and British pound final week as seasonal demand for overseas foreign money appeared to subside, easing pressures on the native foreign money.
In the most recent overseas change public sale, the Bank of Ghana offered US$20 million to Bulk Oil Distributors at a ahead fee of GH¢14.7690/$, barely decrease than the earlier fee of GH¢14.8133/$, indicating a discount in demand for {dollars}.
On the retail market, the cedi gained 1.44% week-on-week towards the US greenback, closing at GH¢15.58/$, whereas appreciating by 2.86% towards the pound and three.70% towards the euro.
Despite these beneficial properties, the native foreign money has depreciated by about 21.58% year-to-date towards the US greenback. As of at the moment, the cedi is buying and selling at GH¢15.75 towards the dollar, with the Bank of Ghana quoting GH¢14.71 on the interbank market.
Looking forward, the Bank of Ghana’s overseas change public sale calendar for Q1 2025 has confirmed a constant US$20 million allocation per public sale, totalling US$120 million for the primary quarter. Analysts recommend that with easing demand pressures and seasonal liquidity anticipated to enhance, the cedi could proceed to see assist and will strengthen additional within the coming days.
