Cedi to remain under pressure for most part of this week; one dollar going for GH¢16.55

The Ghana cedi is under significant pressure due to strong demand for foreign exchange, despite progress under the IMF Economic Credit Facility.

Last week, the cedi depreciated by 1.06% against the US dollar, trading at GH¢16.55, and it has lost over 26% in value since the start of the year, making it one of the worst-performing currencies in Sub-Saharan Africa.

The Central Bank's recent auction of US$89.3 million was insufficient to curb the decline. This week, they plan to auction US$20 million to address ongoing demand.

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