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
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Exchange Rate (vs USD) | 2.20 | 3.20 | 3.81 | 4.30 | 4.54 |
Ghana Exchange Rate Chart
Source: Thomson Reuters
Ghana Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 5.23 | 0.0 % | May 13 |
| Stock Market | 0.1 | 0.0 % | May 13 |
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Economic News
Ghana: Inflation increases to six-month high in April
May 16, 2019
Consumer prices rose 1.1% over the previous month in April, following a 1.2% month-on-month increase in March.
Ghana: PMI edges down in April
May 6, 2019
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) ticked down from 51.5 points in March to 51.2 in April.
Ghana: Economy rounds off 2018 with solid performance in Q4, although loses some momentum
April 18, 2019
The economy logged a robust performance in the final quarter of 2018, although the pace of expansion moderated somewhat.
Ghana: Inflation inches up in March
April 15, 2019
Consumer prices rose 1.2% over the previous month in March, following a 1.0% month-on-month increase in February.
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.
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