Exchange Rate in Ghana
Ghana - Exchange Rate
Cedi slumps in March as coronavirus fears mount
The Ghanaian cedi lost most of its early-year gains against the U.S. dollar through end of March as the global fallout from the coronavirus pandemic intensified. On 20 March, the currency traded at 5.65 per USD, marking a 5.8% depreciation over the same day in February. Meanwhile, the currency was up1.0% year-to-date although it was down 7.2% year-on-year.
Rising fears that the Covid-19 pandemic could push the global economy towards recession set global commodity prices tumbling and saw investors fleeing emerging market assets. This dented demand for Ghanaian sovereign bonds which, coupled with Ghana’s rapidly deteriorating growth outlook owing to its dependence on commodity exports, weighed on the cedi over the past few weeks. The Central Bank’s recent emergency rate cut seemingly added further downside pressure on the cedi.
Looking ahead, the cedi is expected to weaken further before year-end, as the coronavirus-related downturn weighs on economic activity both at home and in the external arena. On top of that, elevated uncertainty over fiscal discipline ahead of the presidential elections at the end of the year remains a notable risk to the outlook.
FocusEconomics panelists see the cedi ending 2020 at 6.19 per USD and 2021 at 6.45 per USD
Ghana - Exchange Rate Data
|Exchange Rate (vs USD)||3.81||4.30||4.54||4.83||5.70|
5 years of economic forecasts for more than 30 economic indicators.
Ghana Exchange Rate Chart
Source: Thomson Reuters
|Exchange Rate||5.70||0.0 %||Jan 01|
|Stock Market||0.1||0.0 %||Dec 31|
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August 6, 2020
At the outset of the third quarter, business conditions in Ghana’s private-sector economy continued to decrease from the prior month: The IHS Markit Ghana Purchasing Managers’ Index (PMI) came in at 49.7 in July, unchanged from June.
July 27, 2020
At its 22–24 July meeting, the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) decided to stand pat and leave the policy rate unchanged at 14.50%, the lowest level since May 2012.
July 16, 2020
Consumer prices rose a seasonally-adjusted 1.00% over the previous month in June, slowing down from May's 1.70% increase.
July 3, 2020
Business conditions in Ghana’s private sector nearly stabilized at the end of the second quarter, with the IHS Markit Purchasing Managers’ Index (PMI) coming in at 49.7 in June from 46.7 in May.
June 17, 2020
The economy lost traction in the first quarter of this year on the back of the fallout from Covid-19, with GDP growth slowing from 7.9% year-on-year in Q4 2019 to a near four-year low of 4.9%.