The strain on the Ghana cedi eased final week and the foreign money continued to expertise solely a slight depreciation.
The cedi weakened by 1.21% towards the greenback within the retail market, an enchancment from the 1.84% drop noticed the earlier week.
In opposition to the British pound, the cedi depreciated by 0.71%.
Nonetheless, it recovered from a 0.42% decline towards the Euro throughout the identical interval.
At present, one US greenback is valued at GH₵16.35 on the retail market, a discount from the GH₵16.75.
Tue 10 Sep, 2024 • 10:00 AM
💵 1 USD = ₵16.17
💷 1 GBP = ₵21.13
💶 1 EUR = ₵17.83— CediRates (@CediRates) September 10, 2024
On 12 months-to-date, the cedi has depreciated by 26.10% towards the greenback, making it one of many poorest-performing currencies in Africa for 2024.
On cedi outlook within the close to time period, the Parliament of Ghana has authorised a major $250 million mortgage from the World Financial institution as a part of the Ghana Vitality Sector Restoration Programme.
This funding is designed to deal with the continuing challenges throughout the nation’s power sector.
The mortgage goals to deal with substantial power sector money owed and guarantee a dependable and constant power provide nationwide, which is essential for financial progress and stability.
Analysts are optimistic that the discharge of those funds by the Financial institution of Ghana might positively affect market sentiment shortly.
This growth is anticipated to profit the native foreign money, providing a extra beneficial outlook within the quick time period.