Cedi Set to Plummet to GH¢15.91 per Dollar by End of 2024

by Louisa Afful
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IC Securities, a research firm, has adjusted its prediction for the end-of-2024 exchange rate between the US dollar and the Ghana cedi. Initially forecasted at GH¢13.2/US$, it’s now revised to GH¢15.91/US$. The firm attributes this change to the current economic conditions.

They mention unexpected shifts, like the Bank of Ghana’s rate cut in January 2024, which led to selling pressure on the cedi. Despite anticipated inflows not fully materializing, with GHS supply outpacing demand, and fiscal policies contributing to cedi liquidity in the forex market, IC Securities expects approximately $2.3 billion in inflows by year-end.

They project a constrained intervention by the Bank of Ghana amidst reserve build-up, signalling a GH¢15.91/US$ rate by 2024’s close. Currently, the cedi trades at about GH¢15.00 to the dollar in forex bureaus.

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