Cedi recovers sharply after losing grounds against dollar last week; one dollar going for GH¢15.95
The Ghana cedi recovered sharply after losing grounds marginally against the US dollar last week.
It begun this week selling at GH¢15.95 to one American greenback on the retail market, taking it annual depreciation to -1.27%.
Analysts expect the local unit to stabilise in the coming week, with the Bank of Ghana likely to intensify foreign exchange support amid growing corporate demand.
The cedi recorded a mixed performance last week, depreciating by 0.32% to the US dollar and gaining 0.31% against the euro.
It also lost 0.26% to the British Pound.
This performance follows two successive weeks appreciation to the American greenback and the other major foreign currencies.
The local currency ended the week at GH¢16.00 to a dollar, taking the year-to-date loss to 1.74%.
The decline was driven by reduced foreign exchange supply and rising demand pressures late in the week, which offset the Bank of Ghana’s earlier support.
Analysts acknowledge that further forex drawdowns for buffer buildups, along with a potential shift in investor sentiment towards the American greenback as a safe haven due to uncertainties surrounding Trump’s tariffs, could exert downward pressure on the cedi.
