BoG pegs cedi depreciation to dollar at 54%

BoG pegs cedi depreciation to dollar at 54%

The Bank of Ghana has pegged the rate of depreciation of the cedi to the dollar at 54.2% in almost 11 months of 2022. However, the Central Bank in its November 2022 Summary of Economic and Financial data quoted the cedi to dollar at $13.10 to one US dollar. This is lower than the retail market or forex bureau rate of about $14.90 to one American ‘greenback’.

For the pound sterling, the local currency has declined in value by about 48.9% since the beginning of the year. It is currently selling at $17.48. It has also depreciated by about 50% to the euro, going for $15.10. Outlook of cedi to depend on whether Ghana reaches IMF agreement – Fitch Solutions International research institution, Fitch Solutions, had indicated that the outlook of the Ghana cedi will depend on whether Ghana reaches an agreement with the International Monetary Fund (IMF) and obtain funding in the months ahead.

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According to its November 2022 West Africa Monitor Report, though it expects the cedi to remain on a depreciatory trajectory in the immediate term, the outlook depends on whether Ghana reaches an agreement with the IMF for a programme. “Although we expect that the cedi will remain on a depreciatory trajectory in the immediate term, the outlook depends on whether Ghana will reach an agreement with the International Monetary Fund (IMF) and obtain funding in the months ahead. In July 2022”.

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