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Demand Pressure Eases But Cedi Depreciates Slowly; One Dollar Equals $16.35
The demand pressure on the Ghana cedi eased last week but the local currency continued to depreciate marginally.
The cedi shed 1.21% to the dollar last week on the retail market compared to 1.84% the previous week.
Against the pound, it weakened by 0.71% but recovered its 0.42% week-on-week losses against the Euro on the retail market.
The local currency is presently being sold by $16.35 to one American greenback on the retail market.
It has so far this year lost 26.10% to the dollar, making it one of the worst performing currencies on the African continent in 2024.
Outlook of cedi
The Parliament of Ghana has approved a US$250 million World Bank loan under the Ghana Energy Sector Recovery Programme to bolster the current energy sector challenges.
The facility is also intended to help reduce the energy sector debts and maintain a consistent energy supply across the country, promoting economic growth.
Analysts see room for improved market sentiments in the coming weeks once the fund is released by the Bank of Ghana.
This should auger well for the local unit’s near-term outlook.
