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Ghana Cedi fights to stay strong against the US dollar

The Ghana Cedi has recorded its highest depreciation against the US dollar this year, as demand for the dollar by importers increases ahead of the festive season.

Daily interbank FX rates data published by the Bank of Ghana show that the cedi is currently trading at GH¢5.7602 (mid-rate) to US$1, indicating the local currency has depreciated by 3.2 percent as of December 21 from the 2.6 percent depreciation it recorded at the end of November.

The dollar is however selling at between GH¢6.57 and GH¢6.6 on the open market.

According to a report by the Business & Financial Times, the cedi’s depreciation against the US dollar ahead of the festive season is quite normal. Last year, the local currency lost value of 3.1 percent, 3.2 percent, and 3.9 percent in October, November and December respectively.

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