The Ghana cedi began this week on a weaker footing, trading at GH¢16.00 to the US dollar in the retail market, following a brief recovery last week.
The latest movement brings the cedi’s year-to-date depreciation against the dollar to 2.36%.
Last week, the cedi gained 0.16% week-on-week against the dollar, closing at a mid-rate of GH¢15.78.
However, it lost ground against other major currencies—falling 0.74% against the British pound and 0.59% against the euro—as demand for European and British assets surged, strengthening both currencies.
The recent slip in the cedi comes despite a decline in the U.S. Dollar Index (DXY), which typically favors emerging market currencies.
The DXY fell by 197.81 points week-on-week to close at 302.02 points year-to-date.
The drop, triggered by ongoing U.S. tariff policies under the Trump administration, has eroded investor confidence in U.S. assets, prompting a global shift in sentiment.
It remains unclear why the cedi came under pressure despite this backdrop.
However, analysts maintain a cautiously optimistic outlook.
With the DXY continuing to fall, the cedi could benefit from further declines in the dollar as investors diversify away from U.S.-denominated assets.
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