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The Ghanaian cedi has weakened by approximately 19.6% against the US dollar on the interbank forex market as of July 2024, according to the Bank of Ghana. This decline is less severe compared to the roughly 21% drop in value against the dollar observed on the retail market.
The Central Bank’s July 2024 Summary of Financial and Economic Data reveals that the cedi depreciated by 7.7% against the dollar in March 2024 and by 10.5% in April 2024. It further declined by 15.9% in June 2024 and 18.6% in July 2024. Currently, the cedi is trading at an average rate of GH¢15.60 per dollar on the retail market, while the Bank of Ghana lists the rate at GH¢14.78 per dollar.
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Against the British pound, the cedi has depreciated by 20.8%, trading at GH¢19.10, and it has decreased by 18.4% against the euro, with a current rate of GH¢16.09.
Last week, the Ghanaian cedi continued its upward trend against the US dollar due to increasing corporate demand. Market speculation about a possible rate cut by the US Federal Reserve contributed to the weakening of the American dollar.
Consequently, the local currency appreciated by 0.29% week-on-week against the dollar, concluding the week with a mid-rate of GH¢15.64/$ on the retail market. This marked the second consecutive week of gains for the cedi against the world’s most influential currency.
