The Ghanaian cedi began the week slightly weaker against the US dollar, continuing a gradual depreciation trend seen last week.
The official interbank rate moved from GHS 10.7200 on Monday (02 Mar) to GHS 10.7700 on Thursday (05 Mar), a decline of roughly 0.47% over four days. On Monday (09 Mar), the cedi remained near 10.77 per dollar, holding steady from Thursday’s close.
Against the euro, the cedi showed mixed movements last week. It opened at GHS 12.5193 on Monday, dipped to 12.4565 on Tuesday, recovered slightly to 12.5031 on Wednesday, and closed at 12.5000 on Thursday, ending virtually unchanged over the week.
Similarly, the cedi lost modest ground against the British pound, which moved from GHS 14.3321 on Monday to 14.3774 on Thursday, a decline of about 0.32%.
The cedi’s pressure against the dollar has been reinforced by global market developments, including heightened tensions in the Middle East, which have bolstered demand for the US dollar and strengthened it across emerging markets.
Parallel market rates remain significantly higher. Forex bureaux reported a mid-rate of GHS 11.58 per dollar, about 7.5% above the official interbank rate.
In all, the cedi experienced gradual depreciation against the dollar last week, remained stable against the euro, and showed minor losses versus the pound, while retail markets continue to indicate persistent downward pressure driven by a stronger US dollar globally.
