Cedi depreciates after recent gains; $1 equals ¢14.20

The Ghana cedi has returned to a depreciation trajectory after ending last week with a marginal appreciation.

The cedi opened this morning November 7, 2022, going for ¢13.95 to one US dollar in the retail or forex market.

However, it has since declined in value to ¢14.20 to one American ‘greenback’, the average quote by the forex bureaus indicates.

According to the Bank of Ghana, the cedi is selling at ¢13.014 on the interbank market.

The same can also be said about the pound and euro, as the two currencies gained ground against the cedi. They are going for ¢15.60 and ¢13.60 respectively.

On the interbank market published by the Bank of Ghana, the cedi is selling at ¢14.703 and ¢12.89 to the pound and the euro respectively.   

Some analysts had projected that the cedi’s performance was expected to be sustained for a few weeks.

However, the foreign exchange rate today means this might not be the situation. But it’s early days yet to conclude that the cedi will not achieve stability against the US dollar.

Cedi gained 1.07%, 3.36% value against dollar, pound last week

The Ghana cedi gained 1.07% value against the US dollar in the retail market a week before after sustained depreciation.

It also appreciated 3.36% week-on-week against the pound but lost 1.83% week-on-week against the euro.

Source: MyJoyOnline.com