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BusinessCedi depreciation continues despite Bank of Ghana's Efforts

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Cedi depreciation continues despite Bank of Ghana’s Efforts

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.

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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.

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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.

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