The Ghana cedi posted a mixed but broadly stable performance over a two-week period, recording slight depreciation against the dollar and euro, while strengthening against the pound in some segments.

In the interbank market, the cedi weakened to GH¢11.00 per US dollar (-0.27%) and GH¢12.70 per euro (-0.47%), but appreciated by 0.13% to GH¢14.56 per pound.

In the retail market, it depreciated to GH¢11.68 per dollar (-0.21%), while gaining 1.31% against the pound to GH¢15.30 and 0.75% against the euro to GH¢13.30.

Databank Group attributed the cedi’s recent slippage to increased foreign currency demand, particularly from Bulk Oil Distribution Companies, driven by high crude oil prices, while noting that central bank interventions have helped keep retail rates relatively stable.

The firm indicated that outlook risks remain tilted against the cedi, citing West Asia conflicts as a factor that could both boost export earnings from gold and oil and increase demand for safe-haven foreign currencies.

The cedi opened the week at GH¢11.70 to the dollar at forex bureaus and has recorded a year-to-date appreciation of 4.51%.