Seasonal imports increase pressure on Ghana’s cedi - MyJoyOnline
Ghana's national currency, the cedi, has experienced significant depreciation against the US dollar due to increased demand for energy imports and seasonal business purchases. The Bank of Ghana plans to intervene with foreign exchange injections to stabilize the market through 2026.
Why it matters
Currency volatility in emerging markets impacts inflation and the cost of living, necessitating central bank intervention to maintain economic stability.
--> 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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