The Ghana cedi depreciated by 2.94% against the US dollar last week, bringing its year-to-date loss to 3.87% since January 2025.
This depreciation was due to continued demand pressures from the manufacturing and energy sectors.
It also follows the Bank of Ghana’s auctioning of its first US$20 million to the Bulk Oil Distribution Companies (BDCs).
The local currency traded at a mid-rate of GH¢16.15 to one American greenback. Last week’s loss was the sharpest since January 1, 2025.
The cedi also shed 0.52% week-on-week against the pound and 1.52% against the euro.
The cedi has begun trading this week unchanged against the US dollar and other major currencies. One dollar is currently selling at GH¢16.40.
Meanwhile, analysts expect the local currency to remain relatively stable this week as US President-elect Donald Trump is inaugurated and announces his accompanying policies.
Additionally, key US macroeconomic data are scheduled for release this week, which could impact global market sentiments.
Source: myjoyonline