The Ghana cedi continued its fine performance in the retail market last week clawing back some gains against the US dollar amid improved market liquidity.
This narrowed its year-to-date loss to 0.96%, making it one of the best performing currencies in Africa so far this year.
It started the last week of February 24, 2025, on a stable note against the American greenback. It is presently going for GH¢15.72 against one US dollar in the retail market.
Last week, the Bank of Ghana (BoG) injected liquidity, selling US$155.53 million through the daily foreign exchange auctions and the interbank markets.
As a result, the cedi gained 0.32% week-on-week versus the US dollar to close at a mid-rate of GH¢15.68. This took the year-to-date loss to 0.96% as against 1.27% the previous week.
However, the local unit depreciated by 0.77% against the pound, as positive sentiment around the British currency remained strong. This follows US President Trump’s comments, which suggested that the UK may avoid additional tariffs.
Similarly, the cedi dropped by 0.61% in value against the euro after a successful election outcome in Germany.
This week the Bank of Ghana plans to auction the fourth US$20 million to the Bulk Oil Distribution Companies (BDCs) in 2025.
Analysts expect the auction to address market demand and make room for the cedi to remain stable this week.
Comments