Currency News [January 2, 2024]

The Cedi opened the new year posting completely diverging results as it fell across the board against its three major trading partner currencies on the Bank of Ghana (BoG) inter-bank trading platform whilst, on the Open Forex  Market (oanda.com), the local currency gathered momentum to come in strong against the Dollar, the Pound, and the Euro.

The Cedi’s performance comes amidst a string of mixed data last year as delays in accessing the second tranche of USD 600.0 million under the IMF-assisted programme normalized gains from the improvements observed in some macroeconomic variables.

The Cedi ended last year with year-to-date performances of -38.4% and -19.1% against the Dollar on the BoG inter-bank trading platform and the Open Forex Market (oanda.com) respectively.

Bank of Ghana Inter-Bank Rates

Currency	Current	Previous	w-o-w Change	w-o-w Change (%)	YTD
USD	11.8859	11.6501	-0.236	-2.02%	0.00%
GBP	15.0204	14.8239	-0.197	-1.33%	0.00%
EUR	13.0351	12.9559	-0.079	-0.61%	0.00%

Open Forex Market Rates (oanda.com)

Currency	Current	Previous	w-o-w Change	w-o-w Change (%)	YTD
USD	11.9945	12.0342	0.040	0.33%	0.00%
GBP	15.2718	15.2838	0.012	0.08%	0.00%
EUR	13.2401	13.2572	0.017	0.13%	0.00%