Ghana cedi falls 3.9% in value in eight months of 2013

Ghana’s currency, the cedi, lost its value against the US dollar on slower pace during the first eight months of 2013.

According to the central bank, the Ghana cedi cumulatively “depreciated at a slower rate of 3.9% against the US dollar” during the period in 2013.

This was compared with a depreciation of 18.4% during the same period in 2012, the Bank of Ghana said last week.

In trade weighted terms, the real effective rate appreciated by 3.2% during the period, the Bank added.

“The volatility in the foreign exchange market has reduced significantly this year,” Dr Kofi Wampah, Governor of the Bank said.

Going forward to the end of the year, the central bank said it expects that pressures in the foreign exchange markets would ease further with the impending inflows of the cocoa syndication loan subject to seasonal demand pressures.

By Ekow Quandzie