The depreciation of the Ghana cedi is anticipated to decelerate this week as demand strain subsides.
That is coming after the ample intervention by the Financial institution of Ghana within the foreign exchange market final week.
The Central Financial institution injected about $28 million into the market on Wednesday, August 28, 2024, by means of the 7-day ahead public sale and a further $20 million to the Bulk Oil Distributing Firms. This helped meet the robust demand for the American buck.
These interventions held the cedi regular for the remainder of the week as demand pressures appeared to have waned.
The native forex nonetheless depreciated by 1.84% towards the US greenback 1.43% versus the pound and 0.42% to the euro on the retail market final week.
This pushed the greenback to shut the week at GH¢16.28 on the retail market.
Because the starting of the yr, the native forex has misplaced about 24% in worth to the American buck.
In the meantime, Deloitte West Africa has indicated that the current debt restructuring cope with Ghana’s exterior collectors can have a beneficial impression on the native forex. This can in flip have a optimistic impression on imported inflation.