Ghana’s cedi continues to struggle against major currencies, including the US dollar. Despite showing some relative stability in July, the cedi has recently weakened by 0.1%, trading at GH¢15.67 per dollar.

This decline exacerbates the challenges facing the Ghanaian economy, influenced by fluctuating business prices.

Bloomberg reports that Ghana’s dollar bonds maturing in 2032 have risen slightly by 0.2 cent to 52.36 cents on the dollar as of September 11, 2024, in London.

On a positive note, inflation in Ghana eased from 20.9% to 20.4% in July 2024. This slowdown may prompt the Bank of Ghana’s Monetary Policy Committee to consider an interest rate cut in its upcoming meeting.

Currently, with the policy rate set at 29%, businesses and investors are cautiously optimistic about future economic growth and potential election-related risks. The Bank of Ghana aims to reduce inflation to between 13% and 17% by the end of 2024.

Overall, the cedi has depreciated nearly 1% against the dollar over the past month and has lost almost 24% of its value this year, according to Bloomberg.