Rate of cedi depreciation slows as market project relative stability

The Ghana Cedi experienced a slight depreciation last week, losing 0.58 percent against the US Dollar.

Despite the expectation that a $360 million inflow from the International Monetary Fund (IMF) would stabilize the currency, the process remains gradual due to moderating corporate demand.

In the retail market, the Cedi lost about 22 percent against the US Dollar in the first half of the year. Week-on-week, it declined 1.85 percent against the British Pound and 1.61 percent against the Euro.

The Bank of Ghana plans to auction $120 million to Bulk Oil Distributors in the third quarter to bolster the Cedi.