The local currency has been “under pressure since October 2022”, reflecting concerns about the domestic debt exchange programme, further sovereign rating downgrades, and seasonal demand pressures, Bank of Ghana Governor, Ernest Addison has said.

However, he noted at the central bank’s recent Monetary Policy Committee meeting that “the progress made on the DDEP and positive sentiments, thereafter, including the beginning of discussions with external debtors, improved sentiments and helped reverse some of the losses”.

In the year to March 22, 2023, the Ghana cedi cumulatively depreciated by 22.1 percent, 23.5 percent, and 23.1 percent against the US dollar, the Pound, and Euro, respectively, he reported.