Alive Ghana
The Ghanaian Cedi’s depreciation has slowed down, but it still struggles against major currencies ¹. Here are some key points about the current situation:
– Depreciation rate: The Cedi lost 1.21% of its value against the US Dollar last week, which is a slower rate than the previous week’s 1.84% loss.
– Current exchange rate: The Cedi is currently trading at GH16.35 to one US Dollar on the retail market.
– Yearly loss: The Cedi has lost 26.10% of its value against the US Dollar so far this year, making it one of the worst-performing currencies in Africa.
– Loan approval: The Parliament of Ghana has approved a $250 million World Bank loan to support the energy sector, which may improve market sentiment in the coming weeks.
– Energy sector challenges: The loan aims to address energy sector challenges, reduce debts, and maintain a consistent energy supply, promoting economic growth.
Analysts are hopeful that the loan will have a positive impact on the Cedi’s value in the coming weeks ¹.
It has so far this year lost 26.10% to the dollar, making it one of the worst performing currencies on the African continent in 2024.
Outlook of cedi
The Parliament of Ghana has approved a US$250 million World Bank loan under the Ghana Energy Sector Recovery Programme to bolster the current energy sector challenges. T
The facility is also intended to help reduce the energy sector debts and maintain a consistent energy supply across the country, promoting economic growth.
Analysts see room for improved market sentiments in the coming weeks once the fund is released by the Bank of Ghana.
BY: BISMARK OKYERE ASANTE
