{"id":190864,"date":"2024-06-19T13:35:35","date_gmt":"2024-06-19T13:35:35","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/06\/19\/cedis-value-declines-by-21-against-us-dollar-as-rate-hits-gh%c2%a215-70-to-1\/"},"modified":"2024-06-19T13:35:35","modified_gmt":"2024-06-19T13:35:35","slug":"cedis-value-declines-by-21-against-us-dollar-as-rate-hits-gh%c2%a215-70-to-1","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/06\/19\/cedis-value-declines-by-21-against-us-dollar-as-rate-hits-gh%c2%a215-70-to-1\/","title":{"rendered":"Cedi\u2019s value declines by 21% against US dollar as rate hits GH\u00a215.70 to $1 \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Ghana cedi continues to struggle against major trading currencies, losing 3.88% in value to the US dollar in the past week.<\/p>\n<p>The depreciation represents an increase in the cedi\u2019s year-to-date devaluation to 21.20%.<\/p>\n<p>According to a report from myjoyonline.com, the cedi\u2019s depreciation briefly follows the strengthening of the US dollar and heightened local foreign exchange demand.<\/p>\n<p>However, it started the week of June 18, 2024, unchanged, selling at GH\u00a215.70 to $1 at major forex bureaus.<\/p>\n<p>As part of measures to strengthen the US dollar, the US Federal Reserve signalled a single policy rate cut this year, contrary to market expectations of two cuts.<\/p>\n<p>The move has sent the US dollar back index soaring about 100 basis points week-on-week, causing the cedi to depreciate against it and other major trading currencies.<\/p>\n<p>The local currency also declined by 2.43% against the British Pound and 2.87% to the Euro last week.<\/p>\n<p>Despite its current performance, the Ghana cedi is expected to bounce back stronger as the Government of Ghana and its official creditors have reached an agreement on debt restructuring terms.<\/p>\n<p>This agreement would ensure Ghana receives a disbursement of the next tranche of the IMF bailout, made up of $360 million.<\/p>\n<p>Analysts also believe this will support foreign exchange buffers, improve FX liquidity, and help stabilize the weakening cedi in the near term.<\/p>\n<p>EAN\/MA<\/p>\n<p><strong>Source:\u00a0<\/strong>www.ghanaweb.com<\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Ghana cedi continues to struggle against major trading currencies, losing 3.88% in value to the US dollar in the past week. The depreciation represents an increase in the cedi\u2019s year-to-date devaluation to 21.20%. According to a report from myjoyonline.com, the cedi\u2019s depreciation briefly follows the strengthening of the US dollar and heightened local foreign [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":183109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-190864","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cedi\u2019s value declines by 21% against US dollar as rate hits GH\u00a215.70 to $1 \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/06\/19\/cedis-value-declines-by-21-against-us-dollar-as-rate-hits-gh\u00a215-70-to-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cedi\u2019s value declines by 21% against US dollar as rate hits GH\u00a215.70 to $1 \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Ghana cedi continues to struggle against major trading currencies, losing 3.88% in value to the US dollar in the past week. The depreciation represents an increase in the cedi\u2019s year-to-date devaluation to 21.20%. 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