The Ghana cedi experienced relative stability for most of last week, supported by a $10 million intervention from the Bank of Ghana in the spot market.

Despite this, ongoing pressures from corporate demand caused the cedi to weaken towards the end of the week’s trading.

As a result, the cedi declined slightly by 0.47% week-on-week against the US dollar, finishing at GH¢15.95/$ on the retail market.

The cedi also depreciated by 0.25% against the pound and by 1.31% against the euro on a week-on-week basis in the retail market.

Currently, the cedi is trading at GH¢15.87 per US dollar on the retail market and has depreciated by 23.11% against the dollar since January 1, 2024.

Looking ahead, the Central Bank plans to auction $20 million to Bulk Oil Distributing Companies this week.

Analysts anticipate that this auction will help alleviate some of the corporate demand pressures and slow the cedi's depreciation.