Cedi appreciates Dollar by 0.6%

The Ghanaian local currency- cedi- has appreciated by about 0.6% to the US dollar since the beginning of this year. The cedi’s 2020 performance made it one of the best performing currencies in Sub Saharan Africa. Analysts believed the cedi benefited from a myriad of factors including the Bank of Ghana’s Forex Forward Auction and the diversified exports. Cedi forecast to end year at lower depreciation rate of 3.02% – 6.18% in 2021.

This will be lower than the 3.9% depreciation recorded last year and a record low of 4.88% in 2017. For the euro, the cedi’s appreciated by 3.5% but declined in value by 1.3%. to the British pound. The rate of depreciation was even lower at 2.2% at the forex bureau, at GH¢5.727 to the dollar.

Recent historical performance of the cedi to dollar

2019 -12.9%
2018 -8.4%
2017 -4.9%
2016 -9.6%
2015 -18.75%

 

Kobby Koomson
Author: Kobby Koomson

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