The Ghana cedi lost a little ground against the US dollar, British pound and euro, according to the latest Bank of Ghana (BoG) rates published on August 25. Pulse Ghana reported the slight depreciation in its daily update on the central bank's official figures.
The move extends a period of pressure on the currency, which has been fluctuating as market participants adjust to changing conditions. Pulse Ghana's report for August 25 followed earlier coverage noting that the cedi had entered a "price-discovery phase," a term used by Business & Financial Times to describe ongoing market adjustments.
By August 28, the cedi was trading at GHS12.20 on the broader forex market, while the BoG interbank rate stood at GHS11.22, according to Modern Ghana. That same day, Pulse Ghana published another set of BoG rates, and Ghana Business News reported the cedi falling to GH¢11.11 against the US dollar.
The figures highlight a persistent gap between the interbank rate set by the central bank and the rates available to individuals and businesses on the open market. That gap has been a recurring feature of Ghana's currency market, with the BoG's official rate often lagging behind street-level trading.
For now, the cedi remains under moderate pressure, with no sharp swings reported in the days covered. The BoG's next rate announcement will show whether the currency stabilises or continues its gradual slide against major trading partners.
Watch for the BoG's subsequent daily rates to see if the cedi's depreciation accelerates or levels off.
