The Ghana cedi continued its strong performance against the US dollar in the retail market yesterday February 17, 2025, after a week of mixed performance against the major foreign currencies.
It traded at an average GH¢15.75 against the American greenback in the retail market after nearing GH¢15.95 on Friday February 14, 2025.
Its year-to-date loss stood at 0.63%.
Analysts expect the local currency to remain steady this week, likely trading within the GH¢15.5000 to GH¢15.7000 range by week’s end, as subdued corporate demand helps limit volatility.
However, the outlook for the coming months remains cautious.
This is due to diminishing foreign exchange support amid repatriation and rising demand pressures potentially threatening the cedi’s stability.
Last week, the local currency remained stable in the retail market despite experiencing modest depreciation in the interbank market.
Whilst the stability in the retail market was supported by subdued demand pressures, the volatility in the interbank market was primarily driven by tight foreign exchange supply.
The cedi closed last week at GH¢15.95 to one US dollar, reflecting a slight weekly gain of 0.48%.
It however held steady against the British pound at GH¢19.50 but weakened marginally by 0.31% against the euro, settling at GH¢16.25.
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