Cedi depreciation slows down but pressures still persist; one dollar equals GH¢15.75

The depreciation of the cedi to the US dollar slowed last week, losing 0.96% to trade at GH¢15.75 per dollar as of June 24, 2024.

Despite the Bank of Ghana selling $11 million on the spot market, the cedi weakened against major currencies, shedding 0.38% against the pound and 0.45% against the euro.

Ghana and its international bondholders agreed to restructure $13 billion in debt, with a haircut of up to 37% on principal.

This agreement, following bilateral debt restructuring, is seen as positive for market sentiment but corporate demand pressures may continue to weaken the cedi ahead of an upcoming IMF board meeting.