The Ghana cedi opened the week on a positive note after the Bank of Ghana sold sufficient dollars on November 11, 2024, to support the local currency.
The cedi appreciated by 0.2%, trading at GH¢16.33 per US dollar in the interbank market, while retail rates reached GH¢17.00 to the dollar.
Last week, the Central Bank implemented measures to stabilize the currency, conducting targeted foreign exchange auctions over two and seven days, resulting in sales of approximately US$214.04 million—the highest weekly auction this year.
This intervention helped alleviate some demand backlog, moderating the depreciation of the cedi. However, the currency still experienced a slight decline against major foreign currencies, losing 0.44% against the US dollar, 0.12% against the British pound, and 0.41% against the euro on a week-on-week basis.
As the Christmas season approaches, increased demand pressures are anticipated due to heightened corporate needs and broader market sentiment regarding the global economy. Investors are also factoring in uncertainties linked to rising inflationary pressures.
Year-to-date, the cedi has depreciated by approximately 28% against the US dollar, currently priced at GH¢17.00 on the retail market.