Exchange Rate in Ghana
Ghana - Exchange Rate (average of period)
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 (aop) Data
|Exchange Rate (vs USD, aop)||3.78||3.94||4.40||4.68||5.35|
5 years of economic forecasts for more than 30 economic indicators.
Ghana Exchange Rate (aop) Chart
Source: Thomson Reuters
|Exchange Rate||5.70||0.0 %||Jan 01|
|Stock Market||0.1||0.0 %||Dec 31|
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June 17, 2021
The economy lost some steam in the first quarter amid a second wave of Covid-19 infections and the reimposition of restrictions, with GDP growth slowing to 3.1% in annual terms from 3.3% in Q4 2020.
June 9, 2021
Consumer prices rose a seasonally-adjusted 0.78% from the previous month in May, slowing down from April’s 1.54% increase.
June 3, 2021
The IHS Markit Ghana Purchasing Managers’ Index (PMI) dropped to a four-month low of 51.5 in May from April’s 52.4.
May 31, 2021
At its meeting on 19–21 May, the Monetary Policy Committee of the Bank of Ghana surprised market analysts by lowering its policy rate by 100 basis points to 13.50%, having held the rate steady for six consecutive meetings.
May 12, 2021
Consumer prices rose a seasonally-adjusted 1.51% from the previous month in April, quickening from the 0.89% increase logged in March.