The Ghana cedi has lost about 25.8% in value against the US dollar as of November 2023, the Bank of Ghana has disclosed.
According to its November 2023 Summary of Economic and Financial Data, the cedi remained relatively stable between March 2023 and September 2023 until losing ground in October 2023 and November 2023.
In March 2023, the rate of depreciation of the cedi to the American greenback was 22.1%. This is compared with 22.9% in September.
However, in October 2023 and November 2023, the rate of depreciation was 25.4% and 25.8% respectively. The cedi is currently going for about 12.15 in the forex market.
Against the pound and the euro, the cedi has lost 28.6% and 27.7% respectively.
The local currency had come under severe pressure in the last two months due to increased demand for dollar by corporates and importers ahead of the festive season.
Last week, the depreciatory pressures on the cedi continued to heighten amidst limited forex support.
The Bank of Ghana auctioned $20 million to the Bulk Oil Distribution Companies (BDCs), while providing $2 million on the spot market.
However, these central bank supports proved insufficient to hold up the cedi as it weakened at the week’s final trading session.
The cedi lost 0.41% week-on-week against the dollar, 0.41% to the pound and 0.78% against the euro on the retail market. The depreciation was however lower than the preceding week.
Meanwhile, the cedi was expected to remain relatively stable this week, following the recent approval of the $800 million cocoa syndication loan by Parliament, and the $102.6 million African Development Bank budget support programme for Ghana.