Adnan Adams Mohammed
Bank of Ghana data indicates that the Ghana Cedi lost 5.3% in value to the US dollar from January to March this year.
As at last week, the local currency traded averagely at a rate of GH¢15.53 to the US dollar on the interbank market. However, in January and February 2025, the local currency lost 5.3% and 3.9% in value respectively to the US dollar.
Unfortunately, the cedi recorded its worst depreciation of 9.20% to the Euro on the interbank market in quarter one of 2025, which traded at GH¢16.75 as at last week.
Also, the cedi lost 8.2% in value to the British pounds sterling, which traded at GH¢20.03 to one pound on the interbank market.
The potential upside however is that it is expected that a team from the International Monetary Policy (IMF) would visit Ghana this week to commence the fourth review of the US$3.0 billion Economic Credit Facility programme.
The team’s assessment would be focused on the country’s performance under the Fund programme so far and the 2025 Budget.
Analysts believe a successful review could pave the way for another tranche disbursement, which would help BoG’s sell-side intervention. This will consequently help stabilize the cedi.
