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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November 3, 2022
The IHS Markit Purchasing Managers’ Index (PMI) fell to 44.0 in October from September's 45.6.
October 6, 2022
At its meeting on 6 October, the Monetary Policy Committee of the Bank of Ghana (BoG) hiked its policy rate by 250 basis points to 24.50%.
October 5, 2022
The IHS Markit Purchasing Managers’ Index (PMI) came in at 45.6 in September, down from August's 45.9.
September 20, 2022
GDP growth sped up to 4.8% year on year in the second quarter, from 3.4% in the first quarter. Both the oil and non-oil sectors expanded at faster paces.
September 14, 2022
Inflation increased to 33.9% in August, following July’s 31.7%.