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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September 3, 2021
The IHS Markit Purchasing Managers’ Index (PMI) came in at 49.7 in July, down from June's 51.0 and marking the worst reading in over a year.
August 15, 2021
Consumer prices rose a seasonally-adjusted 1.63% from the previous month in July, picking up from June’s 0.30% increase.
August 6, 2021
The IHS Markit Purchasing Managers’ Index (PMI) came in at 49.7 in July, down from June's 51.0, marking the lowest reading in a year.
July 27, 2021
At its meeting on 21–23 July, the Monetary Policy Committee of the Bank of Ghana (BoG) decided to keep its policy rate at 13.50%, after surprising market analysts by lowering the rate by 100 basis points at its previous meeting.
July 7, 2021
Consumer prices rose a seasonally-adjusted 1.30% from the previous month in June, picking up from April’s 0.78% increase.