The pressure on the Ghana cedi lessened last week, yet the currency still experienced slight depreciation.

It fell by 1.21% against the dollar on the retail market, a smaller drop compared to the 1.84% loss from the previous week.

The cedi also slipped by 0.71% against the pound but regained 0.42% of its value week-on-week versus the Euro.

Currently, it is trading at GH₵16.35 per dollar on the retail market. So far in 2024, the cedi has declined by 26.10%, ranking it among the worst-performing currencies in Africa this year.

Outlook of cedi

Ghana’s Parliament has sanctioned a $250 million loan from the World Bank as part of the Energy Sector Recovery Programme, aimed at addressing ongoing challenges in the country’s energy sector.

The funds will also be used to ease the energy sector's debt burden and ensure a stable power supply, which is expected to drive economic growth.

Experts anticipate a boost in market confidence in the weeks ahead once the Bank of Ghana disburses the funds, potentially benefiting the local currency's short-term performance.