Cedi resumes depreciation as demand for dollar surges; one dollar equals GH¢16.40

The Ghana cedi depreciated against the US dollar, increasing its year-to-date loss to approximately 26%. This decline was driven by heightened corporate demand and Eurobond coupon payments.

Despite a recent Central Bank FX auction accepting all $51.4 million bids, the cedi fell 0.15% against the dollar, closing at GH¢16.38/$. It also weakened by 0.24% against the pound and 0.70% against the euro.

The government resumed Eurobond debt servicing, paying $520 million to investors, raising concerns about the sustainability of foreign exchange reserves, which may continue to pressure the cedi in the coming weeks.

Read full article