The recent depreciation of the Ghana cedi against the major foreign currencies is expected to continue due to subdued foreign exchange liquidity.
Last week, the local currency depreciated across the major trading currencies as foreign exchange liquidity remained subdued.
Additionally, Ghana Cocoa Boards’s intention to abandon its annual cocoa syndication loan revived market uncertainties surrounding the cedi’s near-term stability.
Analyst also believe the recent coupon payments on Eurobonds by the government may have influenced Ghana cedi-funded foreign exchange demand last week, contributing to the cedi’s depreciation.
Last week, the local unit lost 0.31% against the dollar, 1.82% vs the pound and 3.76% to the euro on the retail market. It sold at GH¢16.28 to a dollar on August 26, 2024, taking its year-to-date loss to 24.57%.
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