Last week, the Ghana cedi fell 2.94% against the US dollar, bringing its year-to-date decline to 3.87% since January 2025.
This stemmed from ongoing demand pressures within the manufacturing and energy sectors. It coincided with the Bank of Ghana’s inaugural auction of US$20 million to the Bulk Oil Distribution Companies (BDCs).
The local currency traded at a mid-rate of GH¢16.15 against the US dollar. Last week’s loss marked the steepest decline since January 1, 2025.
The cedi has started trading this week without any changes against the US dollar and other major currencies. One US dollar is currently valued at GH¢16.40.
Analysts anticipate that the local currency will remain stable this week as US President-elect Donald Trump is inaugurated and unveils his policy announcements.
Moreover, crucial US macroeconomic data are set to be released this week, influencing global market sentiments.
