WATCH THE VIDEO HERE The Ghanaian cedi’s more than 27% year-to-date depreciation against the dollar appears to be easing, as the upcoming U.S. Federal Reserve rate cut on September 18 could weaken the dollar, offering the cedi a chance to rebound. In August 2024, Ghana inaugurated its first gold refinery, the Royal Ghana Gold Refinery, which is set to refine 400 kilograms of gold daily using raw materials from artisanal and small-scale miners nationwide, boosting the country’s earnings. Following the refinery’s launch and news about a 2.39% drop in inflation, the cedi strengthened in August, reversing a decline that saw it briefly touch 16 GHS in the first week of the month. However, with speculation that the US Federal Reserve might cut rates by up to 50 basis points on September 18, 2024, a potential weakening of the dollar could further strengthen the cedi, building on the resilience it demonstrated in August.
Ghana’s Cedi eyes a comeback ahead of key U.S. Federal decision on September 18
