The value of the cedi against the dollar decreased by 1.94 percent last week; $1 is equal to 13.05.

 The Ghana cedi traded at an average of 13.0 last week after losing 1.94 percent against the US dollar.

On the interbank market, the local currency closed the week at an indicative rate of 11.01/$1.

Additionally, on the retail market, it recorded a weekly depreciation of 1.94 percent against the pound and 1.83 percent against the euro.

This was despite the Bank of Ghana's increased market support for foreign exchange (FX).

Despite the Bank of Ghana's efforts to increase dollar support on the market, it was unable to control demand for the American dollar.

On the spot market, the Central Bank also provided approximately $10.75 million last week.

Again, the regulator received and allocated $30 million to the Bulk Oil Importers (BDCs) at a 30-day forward rate of 12.1203/$1, as opposed to the previous auction's rate of 11.9095/$1. This showed signs of interest pressures.

In the retail market, the cedi currently trades at 13.05 to the dollar.

Analysts anticipate that Ghana's debt cancellation talks with China and the successful settlement of the new bonds will boost investor confidence and the cedi's outlook.

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