Cedi Slides Against Dollar but Gains on Pound.
The Ghanaian cedi experienced a challenging week, depreciating by 0.48% against the US dollar and increasing its year-to-date loss to 1.27% as of January 13, 2025. The local currency ended the week at a mid-rate of GH¢15.68 per dollar and began the new week trading at GH¢15.85.However, the cedi managed a slight gain of 0.26% against the pound while losing 0.62% to the euro.The Bank of Ghana plans to auction $20 million to Bulk Oil Distribution Companies (BDCs) this week to ease demand pressures. Despite this, analysts predict that strong forex demand will keep the cedi under pressure throughout the week.
