Cedi Strengthens Against Dollar, $1 Going for GH¢12.38

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Last week, the Ghana cedi experienced gains across major trading currencies due to improved foreign exchange supply and decreased demand pressures. 

The currency appreciated by 1.21% against the US dollar, reducing its year-to-date loss to about 0.9% in the retail market. Additionally, it advanced 0.32% and 0.93% against the pound and euro, respectively, on the retail market.

Related To This: Cedi Depreciates 2.2% Against Dollar In January 2024, $1 now GH₵12.43

Closing the week at GH¢12.38 to one dollar on the forex market and GH¢11.97 in the interbank market, the cedi benefited from easing foreign exchange demand pressures, supported by a $11 million spot market intervention by the Bank of Ghana.

Analysts anticipate further strengthening of the local unit this week, driven by additional inflows from the World Bank. The recent approval of $300 million for Development Policy Operations (DPO) for Ghana is expected to bolster the Bank of Ghana’s intervention capacity, ensuring stability against major foreign currencies.

The Bank of Ghana reported that the cedi lost about 0.7% in value to the dollar in January 2024, a significant improvement compared to a 20.6% loss in January 2023, according to its January 2024 Summary of Economic and Financial Data.


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