The Ghana cedi lost 2.4% in value to the US dollar in the first month of 2025, compared to a depreciation of 1.3% during the same period last year.
According to the Bank of Ghana, the local currency traded at a rate of GH¢15.06 to the American greenback on the interbank market.
Similarly, the cedi depreciated by 3.0% to the euro on the interbank market, trading at GH¢15.69 to one euro. For the pound, the cedi lost 0.8% in value, selling at GH¢18.55 to one pound on the interbank market.
As of January 17, 2025, the Ghana cedi had depreciated by 2.94% to the US dollar on the retail market, bringing its year-to-date loss to 3.87%.
This was due to continued demand pressures from the manufacturing and energy sectors. It also followed the Bank of Ghana’s auction of its first US$20 million to the Bulk Oil Distribution Companies (BDCs).
The cedi’s loss to the American greenback was the sharpest since the beginning of the year. The local currency had previously traded at a mid-rate of GH¢16.15 to one American greenback the prior week.
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