The Ghanaian cedi between March and September 2023, maintained stoutness but gradually declined in October and November 2023.
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Cedi devalues 25.8% against dollar since January 2023 – BoG
The Bank of Ghana in its November 2023 Summary of Economic and Financial Data has revealed that the Ghana cedi has experienced a depreciation of approximately 25.8% against the US dollar since January 2023.
cedi-depreciation
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In March 2023, the rate of cedi depreciation against the US dollar was 22.1%, compared to 22.9% in September but in October and November 2023, the devaluation rates increased to 25.4% and 25.8%, respectively. The current exchange rate is approximately 12.15 cedi to the dollar and 28.6% and 27.7% devalue against the pound and the euro respectively.
In the retail market, the cedi lost 0.41% week-on-week against the dollar, 0.41% against the pound, and 0.78% against the euro, however, the depreciation was lower than the preceding week.
The recent pressure on the cedi is attributed to heightened demand for dollars by corporates and importers in anticipation of the festive season. Despite efforts by the Bank of Ghana, which auctioned $20 million to Bulk Oil Distribution Companies (BDCs) and provided $2 million on the spot market, the depreciatory pressures on the cedi persisted.
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The cedi is expected to remain relatively stout in the upcoming week, following the approval of the $800 million cocoa syndication loan by Parliament and the $102.6 million African Development Bank budget support program for Ghana.
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