At the interbank market cedi currently depreciating by 3 percent on the average
Cedi depreciated by 3 percent averagely for both interbank and interbank in 2020
A Senior Currency Analyst at Databank Research, Courage Martey, has indicated that the performance of the Ghana cedi against all the major foreign currencies, particularly the US dollar, in 2021 has been mixed.
Speaking in an interview with Joy Business, Courage Martey said in 2021, the performance of the cedi was different at various market levels unlike 2020.
“The cedi’s performance in 2021 can be said to be that of a mixed performance; if you look at the trend in 2021 and if you compare the full-year performance in 2021 and full-year performance in 2020.”
“Now in 2020, the average depreciation across the interbank and retail market was about 3%. This year we’ve had a bit of divergence in these performance levels, so that on the interbank market average performance currently is around 3%, but on the retail market it depreciated significantly and we are doing currently 9% year-to-date”, he said.
The Senior Currency Analyst also indicated that the volatility of the Ghana cedi this year made it difficult to predict the outlook of the local currency.
“So that divergent, that spread emphasizes the volatility or the pressure that the currency endured in the second half of this year and mostly the 4th quarter of this year. And that made it very difficult for us to see clearly what the outlook is for the cedi”, he said.