Despite the Bank of Ghana’s efforts to stabilize the currency by selling $7 million in the spot market and conducting a $20 million auction to Bulk Oil Distribution Companies, the cedi depreciated by 0.60% against the dollar last week.
So far this year, the cedi has lost about 2.5% of its value, mainly due to increased demand from corporate entities, especially in the energy and agricultural sectors.
Currently, the cedi is trading at GH¢12.48 against the US dollar in the retail market and GH¢12.07 on the interbank market.
Analysts predict that the currency may see some stability this week.
This expectation is based on lower corporate demand for foreign exchange as importers have already stocked up ahead of the Chinese holidays from February 9 to February 15, 2024.