Cedi depreciation slows down due to reduced foreign exchange demand; one dollar equals GH¢14.92

The Ghana cedi is expected to continue stabilizing against major foreign currencies due to a slowdown in foreign exchange demand.

Last week, the cedi gained 1.01% against the US dollar, narrowing its year-to-date loss to 18.01%. It also recovered 2.36% against the pound and 3.12% against the euro. Measures by the Bank of Ghana and discussions on a $5.4 billion debt restructuring with official creditors have been pivotal.

Finalizing a memorandum with creditors will secure IMF approval and a $360 million disbursement under the $3 billion Extended Credit Facility.

Despite improvements, Bloomberg ranks the cedi among Africa's worst currencies, citing a 20% depreciation in 2024.