May: Cedi falls 14.6% against dollar – BoG
![](https://cdn.classfmonline.com/cfoZ41e/imagelib/thumbs/83853505.jpg)
The Ghanaian cedi has depreciated by about 14.6% against the US dollar as of May 2024, the Bank of Ghana reports.
This is slightly better than the roughly 20% loss in value seen on the retail market.
The Bank of Ghana’s May 2024 Summary of Financial and Economic Data shows the cedi lost 7.7% against the dollar in March 2024 and depreciated by 10.5% in April 2024.
On the retail market, the dollar is averaging GH¢15, while the Bank of Ghana quotes it at GH¢13.01.
Against the British pound, the cedi has fallen by 14.5%, trading at GH¢17.70. It has also lost 12.9% against the euro, with a current rate of GH¢15.07.
Finance Minister Mohammed Amin Adam assured on Friday, May 24, 2024, that the government is collaborating with the Bank of Ghana to address the cedi's depreciation.
Measures include accelerating fiscal consolidation by rationalising spending and boosting revenue, intensifying the gold-for-oil program, and implementing strategic foreign exchange interventions.
Other strategies involve enhancing the gold-for-reserve programme, disbursing the third tranche under the International Monetary Fund-supported programme after its June 2024 review, and securing funds from ongoing projects, such as a $150 million World Bank loan and an anticipated $300 million World Bank disbursement in the third quarter of 2024.
Despite recent challenges, the pressure on the cedi has eased due to improved foreign exchange liquidity, particularly in US dollars.
Last week, the Bank of Ghana intervened significantly, injecting about $59 million into the spot market and auctioning $20 million to Bulk Oil Distribution Companies, stabilising the currency for now.
Source: ClassFMonline.com
Trending Business
Nigeria's Dangote says refinery will hit 550,000-bpd output this year
09:37Revocation of Licence of GN Savings and Loans: It made sense - Bernard Otabil
08:37Championing shea: Ghana commits to sustainability & economic empowerment – Dep Lands Minister
07:30KIA operating normally amid global IT outage
03:11AU adopts Akufo-Addo’s mobile money interoperability across Africa
13:13A/R: MTN reports 471 fibre optic cable cuts due to road construction
02:32Bus driving training for kayayei begins
11:50Akinwumi Adesina briefs African leaders on AfDB’s progress in mobilising money for the continent
10:46TOR, Sentuo can have deeper partnership - Herbert Krapa
07:12Mid-year fiscal policy: We want stable Cedi -GUTA to gov’t
13:01