The Ghana cedi depreciated against the dollar by 10.4 per cent as of 21 November 2019, Dr Ernest Addison, Governor of the Bank of Ghana, has said.
Speaking at the Monetary Policy Committee (MPC) in Accra on Monday, 25 November 2019, Dr Addison also said the Gross International Reserves (GIR) increased by US$1.67 billion to US$8.70 billion as of 15 November 2019, a situation he said provided cover for 4.2 months of imports.
“This compares with the end-December 2018 position of US$7.02 billion (equivalent to 3.6 months of import cover),” he said.
He added: “The foreign exchange market has continued to remain calm since the sharp depreciations in the first quarter of the year”, noting: “As of 21 November 2019, the Ghana cedi has depreciated by 10.4 per cent against the US dollar compared with an 8.1 per cent depreciation for the corresponding period in 2018.
“Against the British Pound and Euro, the Ghana cedi cumulatively depreciated by 11.2 per cent and 7.4 per cent respectively, compared with 2.6 per cent and 2.8 per cent over the corresponding period in 2018.
In trade-weighted terms, the real effective exchange rate continued to be broadly aligned with the underlying fundamentals.”