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Ghana Cedi Continues To Depreciate Slowly As A Dollar Equals GH¢16.35
Money

Ghana Cedi Continues To Depreciate Slowly As A Dollar Equals GH¢16.35

by  Delali Adogla-Bessa 2 min read
  • The Ghana cedi has continued to depreciate and is trading at GH¢16.35 to one dollar on the retail market
  • The cedi has depreciated 1.21% to the dollar on the retail market, compared to 1.84% the previous week
  • The cedi has lost 26.10% to the dollar in 2024, making it one of the worst-performing currencies in Africa

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The Ghana cedi has continued to depreciate despite an earlier positive outlook.

This deprecation of the Ghana cedi comes despite reduced demand pressure for forex.

Ghana Cedi Continues To Depreciate Agaunst the Dollar in 2024
Bloomberg predicts the Ghana cedi may end the year at GH¢15.97 per dollar.
Source: Getty Images

Joy News reported that the cedi depreciated 1.21% to the dollar on the retail market last week, compared to 1.84% the previous week. The local currency currently trades at GH¢16.35 to one dollar on the retail market.

So far, in 2024, it has lost 26.10% to the dollar, making it one of the worst-performing currencies in Africa.

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Outlook of the cedi

Parliament has approved a $250 million World Bank loan under the Ghana Energy Sector Recovery Programme to address the energy sector's current challenges.

The facility also intends to help reduce the energy sector debts and maintain a consistent energy supply across the country, promoting economic growth.

Analysts expect improved market sentiments once the Bank of Ghana releases the fund in the coming weeks.

Bloomberg has previously indicated that the cedi may end the year at GH¢15.97 per dollar.

Bawumia suggests linking cedi value to gold

Vice President Mahamudu Bawumia suggested a plan to link the value of the cedi to gold.

The vice president said this was part of efforts to cushion the currency against forex challenges.

As of July 2024, the cedi had depreciated by over 19.6% against the dollar, impacting fuel prices and inflation.

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Some banks begin charging fees on forex accounts

YEN.com.gh reported that some commercial banks resumed charging clients for owning foreign exchange accounts.

A few banks have communicated the decision to resume the charges to clients via text and email.

Some dollar accounts were charged $5 for holding over $100, in addition to the existing 3% withdrawal charge.

Proofread by Edwina N.K Quarcoo, journalist and copy editor at YEN.com.gh.

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Source: YEN.com.gh

Authors:
Delali Adogla-Bessa avatar

Delali Adogla-Bessa (Current Affairs Editor) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.

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