The Ghana cedi opened September on a firmer footing, reclaiming some of the ground it lost against the U.S. dollar in late August.
Market checks last week, as of August 30th, saw the dollar trade as high as ¢11.65, but early figures on September 1 showed it at around ¢11.45, marking a modest 1.72% rebound from the previous market close.
Looking at the interbank market, the cedi experienced sustained pressure throughout the last week of August. On August 25, the mid-rate stood at ¢10.95 per dollar, rising to ¢10.98 on August 26, ¢11.05 on August 27, ¢11.25 on August 28, and closing the week at ¢11.40 on August 29.
Overall, the cedi depreciated by about 4.1% over the week, reflecting persistent demand pressures and the gap between official and market rates, which saw the dollar peak at ¢11.65 in late-August’s market trading.
The early September rebound coincides with recent Bank of Ghana measures aimed at stabilizing the foreign exchange market, including stricter reporting requirements for foreign currency inflows and tighter controls on domestic use of dollars.
These interventions appear to have contributed to the cedi’s slight recovery, even as market volatility remains high.
For businesses and households reliant on imports or foreign currency transactions, the rebound provides a small but welcome relief.
