Cedi extends depreciation against dollar; going for GH¢12.10 at forex bureaus

The Ghana cedi extended its depreciation against the US dollar in both the interbank and retail markets over the past two weeks, while recording mixed performance against other major currencies.

Despite intermittent foreign exchange supply, the cedi continued to exhibit whipsaw price action, with brief corrections amid persistent pre-festive import demand and higher energy costs.00 as a likely near-term cap, although risks remain skewed towards nominal depreciation if energy costs and import demand outpace FX [foreign exchange] support”.