Ghana cedi fell against the US dollar last week by 3.88%.

Source: newsthemegh.com/Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

The Ghana cedi lost 3.88% in value to the US dollar last week on the spot market increasing its year-to-date depreciation to 21.20%.

This follows the strengthening of the US dollar and renewed local corporate foreign exchange demand. It however started the week, June 18, 2024, unchanged selling at GH¢15.70 at the forex bureaus.

The US Federal Reserve signalled just a single policy rate cut this year, contrary to market expectations of two cuts.

This tight grip on monetary policy sent the American green back index soaring about 100 basis points week-on-week, leaving the cedi reeling against the major trading currencies.