The Ghana cedi has dipped below GH¢11 against the US dollar in the interbank market, a move market observers attribute to natural market adjustments.
Data released by the Bank of Ghana on Thursday indicated that the dollar was trading at GH¢11.0445 (buying) and GH¢11.0555 (selling). The British pound was listed at GH¢14.8780 (buying) and GH¢14.8940 (selling), while the euro was exchanged at GH¢12.8192 (buying) and GH¢12.8308 (selling).
“Considering the rapid appreciation of the cedi previously, a retracement was anticipated. Those impacted by this fluctuation will likely want to test the market’s resilience. This is a normal occurrence,” stated a currency analyst.
The decline has been linked to ongoing foreign exchange demand, weak inflows, and global economic challenges.
Traders and businesses that rely on imports are expected to face the most significant impact, as increased exchange rates may lead to higher costs for fuel, food, and other essential goods.
Despite these concerns, the Ghana Union of Traders Association (GUTA) has called for composure.
“If we can maintain levels around GH¢10.50 to GH¢10.60, then a rise to GH¢11 should not be alarming. At times, negative speculation exacerbates the depreciation,” remarked Joseph Obeng, President of GUTA.
The situation will be closely observed as the Central Bank aims to achieve a balance between exchange rate stability and broader inflationary pressures.
