The Ghana cedi slipped past the GH¢11 mark against the US dollar on the interbank market, a development market watchers say reflects natural market corrections rather than a sudden shock.
Data from the Bank of Ghana on Thursday showed the dollar trading at GH¢11.0445 (buying) and GH¢11.0555 (selling). The British pound was quoted at GH¢14.8780 (buying) and GH¢14.8940 (selling), while the euro traded at GH¢12.8192 (buying) and GH¢12.8308 (selling).
“Given the pace at which the cedi appreciated earlier, it was expected to retrace. Those affected by the movement will want to test the market’s resolve. This is natural”, Currency analyst, Courage Boti told Citi Business News.
The depreciation has been attributed to sustained foreign exchange demand, weak inflows and global economic headwinds.
Traders and import-dependent businesses are expected to be hardest hit, as higher exchange rates could feed into rising costs of fuel, food and other essentials.
Despite these concerns, the Ghana Union of Traders Association (GUTA) has urged calm.
“If we are able to sustain levels around GH¢10.50 to GH¢10.60, then a move to GH¢11 should not cause alarm. Sometimes, it is negative speculation that worsens the depreciation,” said Joseph Obeng, GUTA President.
The trajectory will be closely monitored as the Central Bank seeks to balance exchange rate stability with broader inflationary pressures.
