The Ghana cedi recorded a mixed performance over the past two weeks, slipping slightly in the interbank market while showing pockets of strength in the retail segment.
In the interbank market, the cedi weakened against the US dollar, which closed at a midrate of GH¢10.88, compared with GH¢10.70 previously. However, the local currency gained against other major currencies, with the pound and the euro easing by 2.70% and 2.57% to GH¢14.78 and GH¢12.80, respectively.
Retail market movements were more varied. The dollar strengthened modestly against the cedi, trading at GH¢11.90 from GH¢12.15, while the pound and euro advanced by 1.58% and 2.18% to midrates of GH¢15.80 and GH¢13.75.
Databank Research attributed the interbank depreciation to renewed forex demand outstripping supply, while subdued retail demand prompted marginal price adjustments. It projected a firmer cedi in the coming weeks, supported by anticipated forex injections.
The cedi opened this week at GH¢12.00 to the dollar, with a year-to-date appreciation of 1.88%.