The Ghanaian cedi has continued its strong performance against the American dollar by depreciating by some 0.1 per cent.
This, according to the Central Bank’s November 2020 Economic and Financial Data Report, brings the year-to-date (YTD) cedi depreciation against the greenback to 3.1 per cent.
The depreciation rate compared to same period last year – November 2019 – was 12.8 per cent.
The 3.1 per cent depreciation is a marginal increase of 0.4 per cent from 2.7 per cent in August this year.
The cedi’s sterling performance against the dollar this year, some analysts have argued, is as a result of the Central Bank’s intervention in the forex market with its weekly forward and spot auctions, coupled with a strong foreign reserve position and diversified exports.
Other analysts have also noted that the Covid-19 pandemic and the political uncertainty prior to the US elections aided the cedi’s performance.
Meanwhile, the cedi for the year under review, also depreciated by some 3.1 per cent and 8.1 per cent against the British Pounds and Euro respectively.