Accra, July 22, 2023 – The Ghana cedi showed signs of stability in June 2023 and July 2024 against the US dollar, indicating the positive effects of the International Monetary Fund (IMF) programme on Ghana's economy.
Data from the Bank of Ghana revealed that the Year-To-Date depreciation of the cedi stood at 22.1% as of July 21, 2023. This rate remained relatively steady since March 2023, with fluctuations between 21.7% to 22.1% in subsequent months.
While the Cedi faced challenges in the first two months of 2023, it stabilized in March 2023 and has since maintained some degree of stability against major foreign currencies up until July 22, 2023.
Presently, on the retail market, the cedi's exchange rate is ¢11.70 against the US dollar, while on the interbank market, it stands at ¢11.00.
To mitigate volatility, the Bank of Ghana is expected to provide $20 million in bi-weekly forex support to Bulk Oil Distributors. This support aims to cushion the cedi against fluctuations in the forex market.