The Ghana cedi will continue to see a mixed performance this week against the US dollar.
This is coming after a mild appreciation against the dollar and the euro last week.
It closed the week with a bid/offer rate of ¢13.00/¢13.01 to the dollar on the interbank market and ¢13.40/¢14.50 on the retail market.
On the Foreign Exchange (FX) forward auction market, the Bank of Ghana received total bids of $60 million and allotted all for the Bulk Oil Distribution Companies.
The submitted bids were within the ¢10.1000 – ¢13.500 per US dollar range.
Analysts expect the cedi to continue to see a mixed performance this week as Fitch reported that it sees more than a 50% chance of default on Ghana’s debt repayment.
Cedi depreciates after recent gains
After ending last week with a marginal appreciation, the Ghana cedi has returned to a depreciation trajectory.
The cedi opened this morning November 7, 2022, going for ¢13.95 to one US dollar in the retail or forex market.
However, it has since declined in value to ¢14.20 to one American ‘greenback’, the average quote by the forex bureaus indicates.
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