Demand pressures on cedi ease; one dollar equals GH¢14.90

The cedi showed mixed performance last week as demand for the US dollar eased.

Despite starting this week stable against the dollar, the cedi is expected to continue its marginal depreciation due to higher foreign exchange demand.

The year-to-date depreciation stands at 17.88%, with the cedi trading at GH¢14.90 per dollar. Last week, the cedi gained 0.17% against the dollar but depreciated 2.90% against the pound and 6.03% against the euro.

Ghana's reserves rose by 4% in April 2024, driven by positive trade balances and a $300 million World Bank inflow, prompting the Central Bank to increase its support to $94 million.