Cedi to trade steadily this week; one dollar going for GH¢15.75

The Ghana cedi is expected to trade steadily this week as the BoG continues its interventions to ease pressure on the currency.

Last week, the cedi depreciated by 0.32% against the US dollar, closing at GH¢15.73 per dollar, with a year-to-date loss of 1.27%. It also weakened against the pound (-0.76%) and the euro (-0.61%).

Despite renewed pressure, the BoG provided US$96.13 million in the market and allocated US$20 million at a forward rate of GH¢15.5582 per dollar during its 71st FX auction. However, strong local demand outpaced supply, limiting the impact of these interventions.

The cedi started this week slightly stronger at GH¢15.75 per dollar, indicating potential stability.