As of July 2024, the Ghana cedi has experienced a 19.6% depreciation against the US dollar on the interbank forex market, according to the latest report from the Bank of Ghana (BoG).

This decline is slightly less severe compared to the approximately 21% drop observed on the retail market.

The Central Bank's July 2024 Summary of Financial and Economic Data reveals a pattern of depreciation throughout the year. The cedi weakened by 7.7% in March 2024, followed by a 10.5% drop in April. The losses continued with a 15.9% depreciation in June and an 18.6% decline in July.

On the retail market, the cedi is currently trading at an average of GH¢15.60 per US dollar, while the Bank of Ghana's rate is GH¢14.78 per dollar.

In addition to its decline against the dollar, the cedi has depreciated by 20.8% against the British pound, with the current rate at GH¢19.10. It has also lost 18.4% in value against the euro, trading at GH¢16.09.

Despite these challenges, the cedi showed signs of stability against the dollar last week, buoyed by increased corporate demand and market speculation about a potential rate cut by the US Federal Reserve.

This led to a 0.29% weekly gain, with the cedi closing at a mid-rate of GH¢15.64 per dollar on the retail market. This marks the second consecutive week of gains for the cedi against the US dollar.