Seasonal imports increase pressure on Ghana’s cedi - MyJoyOnline

--> In Ghana, the national currency, the cedi, has weakened again against the US dollar due to growing demand for foreign currency. In July, the cedi depreciated by 1.86% after strengthening by 3.30% in June, MyJoyOnline reports .

The cedi’s strengthening in June was linked to support from the Bank of Ghana, which directed $2.01 billion to the foreign exchange market to meet demand and maintain stability. As early as July, pressure on the national currency returned, in particular due to the need for dollars to finance energy imports.

In August, the trend persisted: over one week, the cedi lost 0.52%, and since the beginning of the month, 1.66%. Since the start of the year, the currency has depreciated by 8.06% against the dollar.

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