Cedi trades at GH¢11.70 to US dollar at forex bureaus
Ghana's cedi has seen mixed performance. It reached GH¢11.70 to the US dollar at forex bureaus. An interbank market rate of GH¢11.00 to the dollar was also recorded. High demand for foreign currency, especially from Bulk Oil Distribution Companies, is a key factor. Despite some weakening, the cedi has recorded a 4.51% appreciation year-to-date.
The Ghana cedi is trading at GH¢11.70 against the US dollar at forex bureaus. In the interbank market, the cedi weakened against the dollar and euro. It reached GH¢11.00 to the US dollar. It also reached GH¢12.70 to the euro. Against the British pound, the cedi strengthened to GH¢14.56.
In the retail market, the cedi weakened slightly against the dollar, trading at GH¢11.68. However, it gained against the pound, reaching GH¢15.30, and against the euro, trading at GH¢13.30.
The main reason for the cedi's recent weakness is high demand for foreign currency. This demand comes from companies like Bulk Oil Distribution Companies (BDCs). These companies need more dollars to buy crude oil. Global crude oil prices are high, increasing this demand.
The central bank has been involved in the market. Its actions have helped keep retail exchange rates stable. This means the gap between buying and selling prices is tight.
Looking forward, there are mixed predictions for the cedi. Conflicts in West Asia could help Ghana's gold and oil exports. This would bring in more dollars. But these conflicts could also make energy supply less sure. This might increase demand for safe currencies like the US dollar. This could put more pressure on the cedi.
Despite these challenges, the cedi has performed well over the year. Its year-to-date appreciation is 4.51%.
Source: StatsGH — Ghana's data-driven news platform