Skip to main content

Cedi continues fine performance against dollar; $1 equals GH¢15.72

 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.

Labels:

Comments

Post a Comment

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...
Post a Comment
Read more

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...
Post a Comment
Read more

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...
Post a Comment
Read more