<\/p>\n
Ghana\u2019s local currency continues to experience persistent depreciation against major trading currencies such as the US dollar. <\/p>\n
The cedi, which has been under pressure throughout the year, recorded some relative stability in July, while inflationary pressures continued to decline. <\/p>\n
However, Bloomberg reports that the cedi has now weakened by 0.1% to trade at GH\u00a215.67 per dollar, a situation that will further worsen the woes of the Ghanaian economy amidst the pricing behavior of businesses.<\/p>\n
The portal also mentioned that Ghana\u2019s dollar bonds maturing in 2032 rose by 0.2 cent to 52.36 cents on the dollar at 11:38 a.m. on September 11, 2024, in London. <\/p>\n
Meanwhile, the recent slowdown in Ghana\u2019s inflation from 20.9% to 20.4% in July 2024 could persuade the Bank of Ghana\u2019s Monetary Policy Committee to cut interest rates at its next meeting. <\/p>\n
With the current policy rate pegged at 29%, businesses and investors continue to remain cautiously optimistic about economic growth prospects and election-related risks. <\/p>\n
Additionally, the Bank of Ghana is targeting an inflation decline of between 13% and 17% by the end of 2024. <\/p>\n
The cedi has traded almost 1% lower against the dollar in the past month, after declining in value by almost 24% this year, according to Bloomberg. <\/p>\n
With additional files from Bloomberg<\/i><\/p>\n
MA\/AE<\/p>\n
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