The Ghana cedi will continue to see a mixed performance this week against the US dollar. This is coming after a mild appreciation against the dollar and the euro last week.
It ended the week with an interbank bid/offer rate of GH¢13.00/GH¢13.01 to the dollar and a retail bid/offer rate of GH¢13.40/GH¢14.50.
The Bank of Ghana received total bids of $60 million on the Foreign Exchange (FX) forward auction market and allocated all of it to the Bulk Oil Distribution Companies.
The submitted bids ranged from GH¢10.1000 to GH¢13.500 per US dollar.
Analysts predict the cedi to continue its mixed performance this week, as Fitch reported that Ghana’s debt repayment is more than 50% likely to default.
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Cedi falls after recent increases
After ending last week with a marginal appreciation, the Ghana cedi has returned to a depreciation trajectory.
The cedi opened at GH¢13.95 to one US dollar in the retail or currency market this morning, November 7, 2022.
However, it has since fallen in value to GH¢14.20 to one American ‘greenback,’ according to the average price from the currency bureaus.
SOURCE: myjoyonline
