Last week, the Ghana cedi experienced a strengthening in value against the US dollar due to a decrease in demand pressure for the American currency.
Despite the Bank of Ghana injecting $1.3 million into the spot market, the local currency managed to gain 0.21% against the dollar. As a result, its year-to-date loss narrowed to just above 14%.
However, there was a slight depreciation against the pound and the euro. The cedi lost 0.33% against the pound and 0.79% against the euro on a week-on-week basis.
In the near future, there is anticipation of external debt restructuring before the first IMF review in September 2023. Additionally, the Bank of Ghana will conduct its final auction for Bulk Oil Distributors for the second quarter today, June 27, 2023. These factors are expected to influence the performance of the cedi.
Despite the strong performance last week, analysts predict a mixed performance for the local currency this week.
Currently, the cedi is being exchanged at ¢11.70 to one US dollar at forex bureaus, while the Bank of Ghana quotes ¢10.99 for one dollar.
Source – myjoyonline.com
