Exchange Rate Volatility Hits Confidence Levels in May 2024, Report Shows

Jephthah Nana Adjei Osei - Mensah
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Exchange Rate Volatility Hits Confidence Levels in May 2024, Report Shows
Exchange
Written By : Afua Amankwanowa

In May 2024, exchange rate volatility led to a decline in both business and consumer confidence, according to the Bank of Ghana’s (BoG) latest Monetary Policy Report. The main issue for businesses during this period was the fluctuations in the exchange rate. 

The Business Confidence Index fell to 88.8 from 92.6 compared to the previous period, reflecting concerns about the impact of the cedi’s rapid depreciation. In May, the cedi depreciated by 14.6% against the US dollar, reaching GH¢15 to a dollar, 14.5% against the Pound, trading at GH¢17, and 12.9% against the Euro, selling at GH¢15.

The report also indicated that the Consumer Confidence Index dropped to 81.2 in June 2024 from 87.7 in April 2024, driven by high food prices and uncertainty about future economic conditions. These shifts are attributed not only to exchange rate fluctuations but also to other factors like erratic power supply, which have increased operational costs for businesses and will likely impact consumers as well.

Despite these challenges, the data suggests that Ghana’s economy remains resilient and is on the path to recovery. Finance Minister Dr. Mohammed Amin-Adam has stated that the government is working to address the depreciation pressures on the cedi and enhance the business environment.

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