The Ghana cedi depreciated on both the interbank market and the retail market last week.
This follows renewed demand for the American greenback and geopolitical risks as Israel and Iran trade attacks and US-China trade talks.
The local currency lost 6.37% week-on-week to close at a mid-rate of GH¢12.55 per one US dollar, 6.06% week-on-week to the pound (GH¢16.50/GBP), and 5.63% week-on-week to euro (GH¢14.20/EUR).
This reduced its year-to-date gain to the American greenback to 23.71%.
On the interbank market, the cedi weakened by 0.97% week-on-week to close at a midrate of GH¢10.35to one dollar.
The situation did not change yesterday June 16, 2025, as the cedi held firm to the dollar and the other major foreign currencies on both the retail market and interbank market.
This follows the announcement by ratings agency Fitch of an upgrade of Ghana’s credit rating to B- and outlook stable.
“We believe renewed corporate FX [foreign exchange] demand on Friday [June 13, 2025], alongside the seasonal US$20 million BDC auction, diluted early-week BoG [Bank of Ghana] support, causing the cedi to close weaker despite improved supply”, Databank Research said.
This followed a lift in dollar sentiment after US-China trade talks in London.
“This week, we expect enhanced BoG interventions to anchor near-term stability amid potential gold windfalls from escalating Israel-Iran tensions; however, we acknowledge that any stronger-than-anticipated safe-haven demand for the US$ relative to gold could drive further dollar gains against the local currency”, it added.
The cedi is presently being sold for an average of GH¢12.20 at the forex bureaus.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
- President Commissions 36.5 Million Dollars Hospital In The Tain District
- You Will Not Go Free For Killing An Hard Working MP – Akufo-Addo To MP’s Killer
- I Will Lead You To Victory – Ato Forson Assures NDC Supporters
Visit Our Social Media for More
About Author
