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Wednesday, February 21, 2024

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BusinessA dollar selling at GHC12.80 as demand for foreign currency grows


A dollar selling at GHC12.80 as demand for foreign currency grows

Continued demand pressures for the dollar are expected to exert further downward pressure on the cedi’s performance this week, according to reports.

Last week saw a slight depreciation of the local currency, resulting in a year-to-date loss of approximately 3.0%.

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Persistently high demand for the dollar hindered the cedi’s performance across major trading currencies.

Despite the Central Bank’s injection of $3 million into the market, the local currency struggled, depreciating by 0.60% against the American dollar to close the week at GH¢12.80 in the retail market. While it depreciated by 0.16% against the pound, it managed to gain 0.19% against the euro.

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Meanwhile, global creditors and rating agencies held discussions last week regarding their impact on debt-distressed nations like Ghana. The meeting focused on how rating agencies’ actions have exacerbated borrowing costs post-debt restructuring.

Analysts suggest that a positive revision to the rating method for such countries could bolster investor confidence in Ghana and potentially improve the cedi’s outlook in the medium term.

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However, despite these potential developments, pressure on the cedi is expected to persist in the near future.

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