Currency News [November 25, 2024]

The Cedi maintained its impressive run against its three major international trading partner currencies as it began the week recording gains across the board on both the Bank of Ghana (BoG) inter-bank trading platform and the Open Forex Market (oanda.com). The Cedi on the first trading day of the week, rose to its highest in two months against the Dollar on the BoG inter-bank market as improved forex liquidity supported the local currency’s rally.

This is coming on the back of a nearly USD 200.0 million intervention by the central bank into the currency market aimed at meeting the rising demand for forex by importers and businesses as they gear up for the yuletide. The Cedi’s outlook is also expected to see a boost following an announcement by the International Monetary Fund that the executive board of the Fund is expected to meet in early December to review Ghana’s performance under the Extended Credit Facility programme. A successful review and a subsequent approval would lead to the release of the next tranche of USD 360.0 million, which will help shore up Ghana’s forex reserves.

On the BoG inter-bank trading platform, the Cedi surged by 1.32%, 2.07%, and 2.17% to open the week trading at GHS 15.7279, GHS 19.7432, and GHS 16.4774 from last week’s opening trade quotes of GHS 15.9380, GHS 20.1615, and GHS 16.8434 against the Dollar, the Pound, and the Euro respectively. The Pound weakened against a host of currencies including the Cedi after British business output shrank for the first time in more than a year.

On the Open Forex Market (oanda.com), the Cedi soared by 1.22%, 1.72%, and 1.92 to trade at GHS 15.8005, GHS 19.8766, and GHS 16.5727 at the week’s opening from last week’s opening trade values of GHS 15.9964, GHS 20.2248, and GHS 16.8967 against the Dollar, the Pound, and the Euro respectively. The Cedi recorded its third weekly gain this week against the Euro after the Eurozone’s business activity took a surprising sharp turn for the worse in November as the bloc’s dominant services industry contracted and manufacturing sank deeper into recession.

The Cedi was quoted at GHC 11.8859 on the first trading day of the year against the Dollar and is currently being sold at GHS 15.7279 indicating a year-to-date (YTD) loss of 32.29% on the BoG inter-bank trading platform. It is also being quoted at GHS 15.8005 on the Open Forex Market (oanda.com) after opening the year at GHS 11.9945 indicating a YTD loss of 31.73%.