The Ghana cedi has slipped beyond the GH¢11 mark against the US dollar, with analysts describing the move as part of a natural market correction rather than a sudden depreciation.

Figures published by the Bank of Ghana on Thursday placed the dollar at GH¢11.0445 (buying) and GH¢11.0555 (selling). The pound traded at GH¢14.8780 (buying) and GH¢14.8940 (selling), while the euro was quoted at GH¢12.8192 (buying) and GH¢12.8308 (selling).

Currency analyst Courage Boti told Citi Business News the development was not unexpected.
“Given the pace at which the cedi appreciated earlier, it was bound to retrace. Those affected by the movement will test the market’s strength. This is natural,” he explained.

The recent dip has been linked to strong demand for foreign exchange, weak inflows and global economic pressures. Import-reliant businesses are likely to feel the pinch, with fuel, food and other essentials facing possible price hikes.

The Ghana Union of Traders Association (GUTA), however, says there is no cause for alarm.
“If we are able to sustain levels around GH¢10.50 to GH¢10.60, then a move to GH¢11 should not worry anyone. Sometimes, it is negative speculation that worsens the depreciation,” said GUTA President Joseph Obeng.

The Bank of Ghana is expected to keep a close watch on the cedi’s trajectory as it works to balance exchange rate stability with efforts to contain inflation.

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