Ghanaian cedi depreciates 1.06% amid rising oil prices

The Ghanaian cedi has experienced a depreciation of approximately 1.06% against the US dollar over the past week. According to the Bank of Ghana’s September 9 reference rates, the midpoint for the currency is roughly GH¢11.42 per US dollar, down from approximately GH¢11.30 on September 3.

While the interbank market shows modest movement, retail forex bureaux are trading at significantly higher rates, with dollars selling at approximately GH¢12.15. This spread indicates tighter retail liquidity and higher transaction costs for consumers.

Economic pressure on the cedi may be exacerbated by rising international energy costs. Brent crude has breached the US$100 per barrel mark, driven by concerns over Middle Eastern supply disruptions due to US-Iran hostilities and attacks on shipping. Such an oil shock threatens to increase the cost of petroleum imports, potentially placing further strain on Ghana’s foreign-exchange market.