Cedi records biggest loss last week; one dollar going for GH¢16.40
The Ghana cedi depreciated by 2.94% to the US dollar last week, taking its year-to-date loss to 3.87% since January 2025.
This was due to continued demand pressures from the manufacturing and energy sectors.
It also follows the Bank of Ghana auctioning of its first US$20 million to the Bulk Oil Distribution Companies (BDCs).
The local currency thus traded at a mid-rate of GH¢16.15 to one American greenback. Last week’s loss was the sharpest since January 1, 2025.
The local unit also shed 0.52% week-on-week versus the pound and 1.52% to the euro.
The cedi has began trading this week unchanged to the US dollar and the other major currencies. One dollar is going for GH¢16.40.
Meanwhile, analysts expect the local currency to remain relatively stable this week as the US President-elect Donald Trump is inaugurated and makes his accompanying policy announcements.
Additionally, the key US macroeconomic data are scheduled for release this week that will impact global market sentiments.
Source: Myjoyonline
