The pace of Ghana’s cedi depreciation has eased over the past two weeks, showing signs of short-term stability across both interbank and retail forex markets.
In the interbank market, the Ghana cedi traded at GH¢12.40 to the US dollar, up from GH¢12.15 two weeks ago — a depreciation of 2.02%. This marks a notable slowdown compared to the 6.17% decline recorded in the previous fortnight.
On the retail side, the cedi remained range-bound between GH¢13.40 and GH¢13.50, posting a marginal 0.74% decline from the 6.72% recorded earlier. As of this week, the US dollar is being sold at around GH¢13.70 at forex bureaus. red dress baby.inaa
Other major currencies also saw moderate movements. The British pound closed at a midrate of GH¢18.05, reflecting a 2.49% dip, while the euro declined by 1.59% to settle at GH¢15.70.
According to Databank Research, the slowdown in the cedi’s depreciation aligns with expectations of improved market stability, driven by increased foreign exchange (FX) inflows and softening market sentiment.
“The slowdown in the cedi’s depreciation confirms our earlier expectations of stability, supported by stronger FX inflows and softer market sentiments,” Databank stated in its latest market commentary.
Looking ahead, the firm remains cautiously optimistic. It expects seasonal FX inflows from Ghana’s key commodity exports to continue supporting the cedi. However, it also flagged potential upside risks due to increased corporate demand for foreign currency, particularly from the services sector, ahead of the festive season.
metrotvonline
