For the first time in several weeks, the Ghana cedi depreciated week-on-week against the US dollar and the other major foreign currencies in the retail market.
The lower currency lost 3.52% against the dollar, 2.01% to the pound, and 3.08% to the euro, respectively.
It traded at a mid-rate of GH¢11.75 against the American greenback.
The weak performance of the cedi in the retail market last week was due to elevated demand pressures in the forex market.
However, the local unit strengthened slightly against the US dollar in the interbank market, appreciating by a modest 0.29% to close at a midrate of GH¢10.25 to one dollar
Databank Research believes the softer-than-expected May 2025 US labour data weighed on the dollar across major pairs, driving a modest cedi gain on the interbank market
However, it pointed out that “Although renewed trade negotiations and tempered dollar sentiment may anchor cedi stability in the interbank market, intensifying forex demand from repatriation-related outflows is expected to exert pressure in the retail market”.
This could constrain broad-based cedi gains in the near term, despite relatively subdued sentiment in anticipation of the US$370 million International Monetary Fund (IMF) disbursement.
Meanwhile, the cedi began this week losing value slightly against the dollar.
It is going for GH¢11.60 to one American greenback in the retail market.
Its year-to-date appreciation however stands at 32.13%