The Ghanaian cedi continued its downward trajectory in October, sliding 3.95% against the U.S. dollar and bringing its year-to-date depreciation to almost 29%.

The decline comes despite recent remarks by Dr Ernest Addison, Governor of the Bank of Ghana, suggesting the currency would soon gain ground against the dollar.

Last week, the cedi also recorded a 1.5% drop against the British pound and a 0.69% loss against the euro.

Efforts by the Bank of Ghana to bolster the cedi included the auction of $20 million to Bulk Oil Distributors and the sale of $81.47 million in a seven-day forward auction, though these measures had limited effect on alleviating demand pressures.

As of November 4, the cedi was trading at 17.10 to the dollar in the retail market.

In a bid to meet ongoing corporate foreign exchange needs, the central bank signalled last week that it would resume daily interventions on the spot market, a move analysts believe may provide some short-term relief.

Despite this, the cedi is expected to remain under pressure, with demand for the dollar likely to persist.