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||4.83||0.0 %||Oct 16|
|Stock Market||0.4||0.0 %||Oct 15|
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Ghana: PMI slips into negative territory for the first time in over two-and-a-half years in September
October 3, 2018
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) fell to 49.2 points in September, from 51.8 points in August.
September 24, 2018
At its three-day meeting concluding on 24 September, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) held the monetary policy rate steady at 17.00%.
September 12, 2018
Inflation accelerated to 9.9% in August, from 9.6% in July.
September 5, 2018
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) remained stable from July at a nearly two-year low of 51.8 points in August.
August 15, 2018
Inflation came in at 9.6% in July, down from 11.0% in June.