The Ghana cedi depreciated by 2.4% against the US dollar in January 2025, a sharper decline compared to the 1.3% recorded during the same period in 2024.
Data from the Bank of Ghana(BoG) shows the cedi traded at GH¢15.06 to the dollar on the interbank market.
It also weakened against other major currencies, losing 3.0% to the euro at GH¢15.69 and 0.8% to the pound sterling at GH¢18.55.
On the retail market, the cedi’s depreciation was more pronounced, falling by 2.94% to the dollar as of January 17, bringing its year-to-date loss to 3.87%.
This marked the sharpest decline since the start of the year, driven by strong demand pressures from the manufacturing and energy sectors.
The situation was further influenced by the Bank of Ghana’s first foreign exchange auction of US$20 million to Bulk Oil Distribution Companies (BDCs).
The local currency had traded at a mid-rate of GH¢16.15 to the dollar the previous week, highlighting its continued struggle against the greenback.