Cedi depreciates 9.65% to dollar [Video]

The Ghana cedi returned to its loss trajectory last week as it has depreciated by 9.65% to the dollar on the retail market since the beginning of the year.

This is despite the Bank of Ghana’s intervention. The Central Bank auctioned $20 million to the Bulk Oil Distribution Companies at a forward rate of GH¢13.23 to a dollar.

The local currency shed 0.19% in value to the American greenback last week. It also weakened 0.90% to the pound but closed with a 0.17% gain against the pound.

Ghana and officials of the International Monetary Fund on Sunday reached a staff-level agreement on the second review of the $3 billion Extended Credit Facility.

Analysts see the move as a positive step towards receiving the planned $360-million funding. However, the board approval and fund disbursement depend on the country reaching an agreement on a Memorandum of Understanding consistent with the $5.4 billion …