The Ghana cedi remained relatively stable for the most part of last week, buoyed by a $10 million Bank of Ghana’s spot market support.
However, persistent corporate demand pressures put the local unit on the back foot at the tail end of the week’s trading.
Consequently, the local unit shed a marginal 0.47% week-on-week against the US dollar to end trades at GH¢15.95/$ on the retail market.
The cedi also dipped by 0.25% and 1.31% week-on-week to the pound and the euro respectively, on the retail market.
It is presently going for GH¢15.87 to the American greenback on the retail market. It has since January 1, 2024 lost 23.11% to the world’s powerful currency.
Going forward, the Central Bank intends to sell $20 million to the Bulk Oil Distributing Companies during this week’s forward forex auction.
Analysts expect the auction to help tame some corporate demand pressures on the market and slow the cedi’s depreciation.