Cedi remains stable against Dollar – Bank of Ghana

July 22, 2023
Cedi remains stable against Dollar – Bank of Ghana

, July 22, 2023 – The Ghana showed signs of stability in June 2023 and July 2024 against the US , indicating the positive effects of the () programme on Ghana's economy.

Data from the revealed that the Year-To-Date depreciation of the cedi stood at 22.1% as of July 21, 2023. This rate remained relatively steady since March 2023, with fluctuations between 21.7% to 22.1% in subsequent months.

While the Cedi faced challenges in the first two months of 2023, it stabilized in March 2023 and has since maintained some degree of stability against major foreign currencies up until July 22, 2023.

As of July 2023, the Cedi experienced a 28.3% loss in value against the pound and a 26% loss against the euro.

Presently, on the retail market, the cedi's exchange rate is ¢11.70 against the US dollar, while on the interbank market, it stands at ¢11.00.

Analysts anticipated the cedi to remain fairly stable on the forex market due to positive expectations for the Mid-Year Budget Review and the first evaluation of the IMF programme.

Last week, the cedi experienced a slight decline in value against the dollar, pound, and euro due to forex liquidity issues and increased demand pressures.

To mitigate volatility, the Bank of Ghana is expected to provide $20 million in bi-weekly forex support to Bulk Oil Distributors. This support aims to cushion the cedi against fluctuations in the forex market.

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