Cedi depreciated by 0.7% in value against the dollar in January 2024 - BoG

The Bank of Ghana has announced that the Ghana cedi has depreciated by about 0.7% against the dollar since the beginning of the year.

According to the BoG’s January 2024 Summary of Economic and Financial Data, it shows that the cedi started 2024 better than the same time in 2023, when it lost 20.6% to the US currency.

The cedi is now trading at GH¢11.97 to a dollar on the interbank market, but selling at GH¢12.33 in the retail market.

The cedi has also appreciated by 0.7% against the euro but weakened by 0.6% against the pound on the interbank market.

The cedi has lost about 2.0% to the dollar this year, despite the approval of the first review of the International Monetary Fund (IMF) programme on January 19, 2023.

The cedi also fell by 1.12% and 1.11% against the pound and the euro respectively on the retail market in the past week.

However, the cedi recorded some slight gains against all the major foreign currencies in the past week.

Analysts predict that the cedi will benefit from the improved investor confidence, following the receipt of the $600 million bailout package and other budgetary support from the World Bank.

They also think that the forex market sentiment will improve as the cash inflow from the IMF and the World Bank will help boost the supply-side intervention and support the cedi in the near term.

ID/AE

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