The pressure on the Ghanaian cedi eased slightly last week, but the currency still experienced a marginal depreciation. In the retail market, the cedi fell by 1.21% against the US dollar, an improvement compared to the 1.84% drop recorded the previous week. It also weakened by 0.71% against the British pound but regained 0.42% of its losses against the Euro.
Currently, the cedi is trading at GH₵16.35 to the US dollar on the retail market. Despite these slight fluctuations, the currency has depreciated by 26.10% against the dollar this year, ranking it among the worst-performing African currencies in 2024.
Prospects for the cedi
Ghana’s Parliament has given the green light for a US$250 million loan from the World Bank, aimed at addressing the country’s ongoing energy sector challenges under the Ghana Energy Sector Recovery Programme. The loan will help reduce the sector’s mounting debts and ensure a steady supply of electricity, which is crucial for driving economic growth.
Experts predict that the release of these funds by the Bank of Ghana could lead to improved market confidence in the weeks ahead, potentially providing a positive boost to the cedi’s short-term performance.
SOURCE: https://dew360.net
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