Accra – The Ghana cedi has slipped past the GH¢11 mark against the US dollar, a move analysts are calling a natural market correction. According to data from the Bank of Ghana on Thursday, the dollar was trading at GH¢11.0445 (buying) and GH¢11.0555 (selling). The British pound and the euro also saw shifts, trading at GH¢14.8780 and GH¢12.8192 respectively.
Currency analyst Courage Boti noted that the depreciation was “natural” after the cedi’s earlier appreciation. The decline is attributed to sustained foreign exchange demand, weak inflows, and global economic pressures. This could particularly affect import-dependent businesses and consumers, potentially leading to higher costs for fuel and food.
Despite the slide, the Ghana Union of Traders Association (GUTA) is urging the public not to panic. GUTA President Joseph Obeng stated that a move to GH¢11 shouldn’t cause alarm if the cedi can sustain levels around GH¢10.50 to GH¢10.60. He added that negative speculation often worsens the currency’s depreciation.
The Central Bank is expected to closely monitor the situation as it works to manage exchange rate stability and inflationary pressures.
CNR/Ruth Abla ADJORLOLO
