The Ghana cedi has resumed its depreciation trajectory after concluding last week with a slight appreciation.
The retail or forex market opened this morning, November 7, 2022, with the cedi trading for 13.95 to one US dollar.
However, the average rate provided by the forex bureaus shows that it has since dropped in value to ¢14.20 to one American “greenback.”
The Bank of Ghana reports that it is selling for ¢13.014 on the interbank market.
The same can be said for the pound and the euro, both of which made advances versus the cedi. They are asking for respectively ¢15.60 and ¢13.60.
The cedi is trading at ¢14.703 and ¢12.89 to the pound and the euro, respectively, in the interbank market reported by the Bank of Ghana.
According to some analysts, the cedi’s performance should continue for a few weeks.
The current foreign currency rate suggests that this might not be the case, though. However, it is still too early to say that the cedi won’t stabilize against the US dollar.
A Short-lived Appreciation Of The Cedi
After a prolonged loss, the Ghana cedi appreciated by 1.07% in the retail market last week.
In comparison to the pound, it increased by 3.36% week over week while falling by 1.83% against the euro.
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