Exchange Rate in Ghana
Ghana - Exchange Rate
Ghanaian cedi gains strength in October
In recent weeks, the Ghanaian cedi (GHS) has strengthened somewhat against the U.S. dollar. On 5 October, the currency traded at 3.71 GHS per USD. The result was 2.50% stronger than on the same day of the previous month but still 15.4% weaker on an annual basis. The cedi has lost over 15.0% of its value since the beginning of the year.
The recent appreciation of the currency reflects expectations of increased foreign inflows in the last quarter of the year as well as the government’s plans to reduce spending. The cedi strengthened considerably after the country concluded the sale of a USD 1.0 billion Eurobond earlier this month. Moreover, there is hope that the IMF will disburse more money to the government, which will in turn ease demand pressure on the market.
While the cedi’s appreciation in October has helped to pull down inflationary pressures, the Central Bank considers that inflationary pressures are still quite elevated, mainly due to the high volatility in the exchange rate market. The Bank has also declared that the robust interbank intervention will continue in the future in a bid to support the weak currency.
LatinFocus Consensus Forecast panelists expect the cedi ending this year at 3.99 GHS per USD. Next year, the panel sees the currency trading at 4.41 GHS per USD.
Ghana - Exchange Rate Data
|Exchange Rate (vs USD)||2.20||3.20||3.81||4.30||4.54|
5 years of economic forecasts for more than 30 economic indicators.
Ghana Exchange Rate Chart
Source: Thomson Reuters
|Exchange Rate||5.11||0.0 %||Feb 20|
|Stock Market||0.1||0.0 %||Feb 20|
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February 13, 2019
Consumer prices rose 1.0% in monthly terms in January, up slightly from December’s 1.1% increase.
February 5, 2019
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) fell from a six-month high of 52.3 points in December to 51.6 in January.
January 28, 2019
At its three-day meeting concluding on 25 January, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) cut its policy rate by 110 basis points to a five-year low of 16.00%.
January 9, 2019
Consumer prices rose 1.1% in monthly terms in December, up slightly from November’s 0.7% uptick.
January 4, 2019
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) rose from 50.5 points in November to a six-month high of 52.3 points in December.