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Friday, July 12, 2024
BusinessA dollar sells at GHC15.95 as cedi continues to stabilise

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A dollar sells at GHC15.95 as cedi continues to stabilise

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The Ghana cedi is anticipated to maintain stability against the US dollar this week, bolstered by enhanced foreign exchange (FX) liquidity and a slowdown in demand.

This development follows the recent inflow of $360 million from the International Monetary Fund (IMF), which has significantly improved FX liquidity and tempered corporate demand.

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Last week, the cedi demonstrated resilience against the US dollar, supported by favorable market sentiments as foreign exchange demand eased.

This was largely attributed to the IMF board’s approval and subsequent release of the third tranche of $360 million following the second review of Ghana’s 36-month Extended Credit Facility.

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Additionally, the Bank of Ghana has actively participated in the market, selling approximately $19 million on the spot market to further bolster foreign exchange liquidity. These measures have contributed to the stabilization of the local currency.

Over the past week, the cedi recorded a modest decline of 0.30% against the pound and 0.25% against the euro, following the successful UK election results, which had an impact on global currency movements.

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The cedi has faced significant challenges in recent months, grappling with persistent corporate demand, leading to its depreciation. As a result, the local currency concluded the first half of 2024 with a 22.45% loss against the dollar on the retail market.

Currently, the exchange rate stands at GH¢15.95 to one US dollar at forex bureaus. Since the beginning of the year, the cedi has depreciated by 22.58% against the dollar.

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