Ghana Exchange Rate April 2019

Ghana

Ghana: Cedi recovers some lost ground at the beginning of Q2

April 15, 2019

The Ghanaian cedi bounced back at the outset of the second quarter, after depreciating sharply in Q1. On 12 April, the cedi ended the day at 5.19 per USD, appreciating 6.4% over the same day in March. Nevertheless, it was still down 7.1% on a year-to-date basis and down 14.4% in year-on-year terms.

The prospect of Ghana exiting its four-year IMF bailout program, coupled with a surprise rate cut by the Central Bank in January, viewed as premature by some analysts, unsettled markets and weighed heavily on the currency in the first quarter. The Central Bank, constrained by targets set under the IMF program to sustain a certain level of international reserves, could not intervene to prop up the weakening currency. However, the sharp selloff, fueled by speculation, was short-lived as the currency rebounded at the outset of Q2. With the country now having exited the IMF program on 2 April and the Bank now being able to intervene in the currency markets, the cedi has recovered some of the losses incurred.

FocusEconomics Consensus Forecast panelists continue to take into account recent developments and currently see the cedi ending 2019 at 5.47 per USD and 2020 at 5.77 per USD.


Author:, Economist

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Ghana Exchange Rate April 2019 1

Note: Purchasing Managers’ Index. Readings above 50 indicate an expansion in business conditions while readings below 50 point to a contraction.


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