Exchange Rate in Ghana
Ghana - Exchange Rate
Cedi recovers some lost ground at the beginning of Q2
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.
Ghana - Exchange Rate Data
|Exchange Rate (vs USD)||2.37||3.19||3.81||4.30||4.54|
5 years of economic forecasts for more than 30 economic indicators.
Ghana Exchange Rate Chart
Source: Thomson Reuters
|Exchange Rate||5.48||0.0 %||Sep 04|
|Stock Market||0.1||0.0 %||Sep 04|
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September 18, 2019
The economy expanded 5.7% year-on-year in the second quarter, down from the previous quarter’s 6.7% increase, according to a preliminary estimate released by Ghana’s Statistical Institute.
September 4, 2019
The Ghana Purchasing Managers’ Index (PMI) fell to 50.7 points in August, from 51.2 points in July.
August 15, 2019
Consumer prices rose 0.6% over the previous month in July, down from the 0.8% month-on-month increase in June.
August 5, 2019
The Ghana Purchasing Managers’ Index (PMI) rose to 51.2 points in July from 50.5 points in June, which had marked the weakest reading since November 2018.
July 19, 2019
On 19 July, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) kept its key policy rate unchanged at a five-year low of 16.00%.