Foreign Exchange

The cedi is expected to continue its marginal gain this week as foreign exchange liquidity improves. This follows the Bank of Ghana’s timely intervention. Banks sought to exchange about $750 million for cedi liquidity in a bid to comply with the Bank of Ghana’s unified currency reserves. The local currency witnessed some relief last week. Amidst a one million dollar foreign exchange support from the Central Bank, the local unit gained 0.82% weekly, eventually trading at a mid-rate of ¢12.18 to one dollar. Similarly, the cedi closed stronger by 2.51% and 0.16% week-on-week against the pound and the euro in…

The Ghana cedi is expected to exhibit mixed performance against the US dollar for the second week running. This is because of the uncertainty characterising the expected International Monetary Fund support programme for Ghana which has kept some market players anxiously waiting for updates. They believe a clear statement regarding the country’s programme from the Fund will calm nerves. The cedi fell in value across the major trading currencies last week due to renewed demand for the dollar and the other major foreign currencies. The local currency lost 4.37% week-on-week against the US dollar to close trading at a mid-rate…