Cedi Dollar

The Ghana cedi clawed back further gains as its resurgence against the dollar continued abated. The local currency gained 3.8% week-on-week to the US dollar last week, narrowing its year-to-date loss to 22%. It also appreciated 4.36% versus the pound and 3.18% against the euro last week. At the close of the week’s trading, the cedi quoted at a mid-rate of GH¢15.65 to a dollar on the retail market.  It also begun the week at GH¢15.65 to a dollar. Again, it went for GH¢14.73 to a dollar on the interbank market. The boost in the local currency performance was supported…

The Ghana cedi is expected to remain relatively stable against the US dollar this week, following an ease in corporate demand. This follows a slight gain against the American greenback last week. The local unit closed stronger against the major trading currencies last week, amidst the Bank of Ghana’s intervention in the market and reduced demand from importers and corporate institutions. It gained 0.62% week-on-week against the dollar, reaching a mid-rate of ¢12.02 to one American greenback. It also advanced 0.86% against the pound, whereas it remained unchanged against the euro on the retail market. The Central Bank sold $20…