The Ghana cedi lost about 1.94% value to the US dollar last week to trade at an average of \u00a213.0.<\/p>\n\n\n\n
The local currency closed the week at an indicative rate of \u00a211.01\/$1 on the interbank market.<\/p>\n\n\n\n
It also posted a week-on-week depreciation of 1.94% against the pound and 1.83% vs. the euro on the retail market.<\/p>\n\n\n\n
This was despite increased foreign exchange (FX) support on the market by the Bank of Ghana.<\/p>\n\n\n\n
Although the Bank of Ghana increased dollar support on the market, it could not tame the demand for the American greenback.<\/p>\n\n\n\n
The Central Bank also provided about $10.75 million on the spot market last week.<\/p>\n\n\n\n
Again, the regulator received and allocated $30 million at a 30-day forward rate of \u00a212.1203\/$1 for the Bulk Oil importers (BDCs) compared to the rate of \u00a211.9095\/$1 in the previous auction. This showed signals of demand pressures.<\/p>\n\n\n\n
The cedi is presently going for \u00a213.05 to the dollar in the retail market.<\/p>\n\n\n\n
Meanwhile, analysts are hopeful the successful settlements of the new bonds and Ghana\u2019s upcoming debt cancellation talks with China are expected to improve investor confidence and the outlook of the cedi.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Ghana cedi lost about 1.94% value to the US dollar last week to trade at an average of \u00a213.0. The local currency closed the week at an indicative rate of \u00a211.01\/$1 on the interbank market. It also posted a week-on-week depreciation of 1.94% against the pound and 1.83% vs. the euro on the retail […]<\/p>\n","protected":false},"author":8,"featured_media":20465,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[61],"tags":[7358,7568,5059,9633,3977,6725,11337,7730,5195,2419,6305,192,10634,10742,5441,6664,10329,6348],"class_list":["post-29893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bank","tag-cancellation","tag-cedi","tag-cedii","tag-central-bank","tag-debt","tag-demand","tag-depreciation","tag-dollar","tag-euro","tag-forex","tag-ghana","tag-lost","tag-market","tag-oil","tag-regulator","tag-trade","tag-us"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/29893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=29893"}],"version-history":[{"count":0,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/29893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/20465"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=29893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=29893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=29893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}