Newly released data from the Central Bank indicate the local currency as at the end of February 2021, had marginally appreciated against the US dollar by 0.4 per cent up from a near 0 per cent depreciation for January 2021.
The 0.4 percentage points appreciation for February 2021 when compared to the 4.5 percentage points appreciation recorded for same period in February 2020, reflects a huge fall in the performance of the cedi against the dollar.
A perusal of the Bank of Ghana’s (BoG) Summary of Economic and Financial Data report, revealed that the cedi for the month of March 2021, has so far appreciated by some 0.6 per cent – a 0.2 percentage points increment from that of February – against the American greenback.
As at March 19, 2021, the cedi’s exchange rate to the dollar was Ghs 5.72 to $1.
The cedi recorded one of its lowest depreciation rates in recent years against the American greenback as it depreciated by some 3.9 per cent end-2020.
Against the British pound, the cedi depreciated by 1.5 per cent in February and had so far depreciated by 1.3 per cent in March with the current exchange rate being Ghs 7.97 to 1GBP.
The cedi had however, appreciated by 1.6 per cent against the Euro for February and by 3.5 per cent in March with the current exchange rate being Ghs 6.87 to 1Euro.
