Tag: BoG

The persistent demand pressures for the dollar would continue to weigh negatively on the cedi's performance this week. This follows a marginal depreciation of the local currency last week, taking its year-to-date loss to about 3.0%. The elevated demand continued to inhibit the cedi's performance last week, causing it to weaken across the major trading currencies. The Central Bank supported the market with $3 million but this was not substantial enough to keep the local currency afloat as it shed 0.60% week-on-week against the American greenback to close the week at GH¢12.80 in the retail market. The local unit also depreciated 0.16% versus the pound but gained 0.19% against the euro. Global creditors and rating agencies convened a meeting last week to discuss the impact of ...