Last week witnessed a deceleration in the depreciation of the Ghana cedi against the US dollar, with a loss of 0.96% recorded in its value against the American currency.

However, trading commenced yesterday, June 24, 2024, with the cedi opening at GH¢15.75 against one US dollar.

The domestic currency continued its weakening trend against major trading currencies, fueled by robust corporate demand amid limited supply.

Despite the Bank of Ghana's intervention through the sale of approximately $11 million on the spot market, the Ghana cedi experienced a 0.96% decline against the dollar in the retail market compared to the previous week.

Additionally, it depreciated by 0.38% and 0.45% against the pound and the euro, respectively.

Over the weekend, Ghana and its international bondholders tentatively agreed to restructure $13 billion of the country's debts, involving a potential principal reduction of up to 37% and extended maturities.

Following swiftly on the heels of bilateral debt restructuring, this agreement signifies a rapid restructuring process, viewed positively by analysts for its potential impact on market sentiments.

Analysts anticipate that it may help mitigate speculative pressure on the cedi in the medium term.

However, this week is expected to witness further depreciation of the local currency due to sustained corporate demand ahead of the International Monetary Fund (IMF) board meeting scheduled later in the week.