The Ghana cedi ended the trading week on a weaker note, depreciating to GH¢11.13 against the US dollar on the interbank market as of Friday, November 21, reflecting intensified seasonal demand for foreign currencies.
Bank of Ghana (BoG) figures indicate the dollar was buying at GH¢11.11 and selling at GH¢11.13, a slight slide from the previous week’s GH¢10.96 buying and GH¢10.98 selling rates. The British pound fetched GH¢14.55 buying and GH¢14.56 selling, while the euro traded at GH¢12.80 buying and GH¢12.61 selling.
On the parallel forex bureau market, rates were notably steeper: the dollar hovered around GH¢12.35, the pound at GH¢16.30, and the euro at GH¢14.20, underscoring robust demand beyond official channels.
Economists attribute the downturn to the annual pre-Christmas import surge, as traders stock up on electronics, apparel, beverages, and consumer goods. This period typically spikes forex needs, exacerbated by rising freight costs and stricter supplier terms, prompting earlier dollar hoarding.
Importers at key markets like Makola and Kantamanto report that sustained weakness could translate to elevated retail prices in December, as businesses pass on costs to maintain margins.
With the festive peak looming, the next few weeks will test the cedi’s resilience amid high import volumes. BoG officials have yet to comment, but analysts eye potential interventions to stabilize the local currency.
