Cedi Gains Strength Against Major Currencies
Cedi Gains 1.44% Against Dollar Amidst Easing Demand
- The Ghanaian cedi has strengthened against major currencies
- This positive performance was attributed to factors such as reduced demand for foreign exchange
- The recent positive trend suggests a potential for further strengthening in the coming weeks.
The Ghanaian cedi strengthened against major currencies last week, including a 1.44% appreciation against the US dollar.
This positive performance was attributed to factors such as reduced demand for foreign exchange during the post-holiday period and the Bank of Ghana’s continued intervention in the foreign exchange market.
The Bank of Ghana’s recent release of the foreign exchange auction calendar for the first quarter of 2025, which includes consistent allocations of US$20 million per auction, is also expected to further support the cedi’s stability.
While the cedi has experienced significant depreciation this year, with a year-to-date loss of about 21.58% against the US dollar, the recent positive trend suggests a potential for further strengthening in the coming weeks.
