Cedi stabilizes against dollar; records 22.1 percent year-to-date depreciation as of July

Ghana’s local currency, the cedi recorded some stability against major trading currency the dollar.

The Bank of Ghana’s reports that the cedi as of July 21, 2023, had a year-to date depreciation of 22.1 percent.

The year-to-date depreciation of the cedi to the Euro and Pound stood at 26% and 28.3% respectively.

Comparatively, the cedi’s year-to date depreciation to the dollar in the first five months of 2023 are as follows: January (20.6), February (22.1), March (22.1), April (21.7), May (21.8) and June (22.0).

These were captured in the Bank of Ghana’s July 2023 Summary of Economic and Financial Data.

The relative stability of the cedi analysts attribute to Ghana’s program with Ghana’s USD 3 billion Extended Credit Facility with the International Monetary Fund (IMF).

Source: Ghana Business