The Ghana cedi extended its rally against the US dollar last week, amidst rising corporate demand.

The market continued to cling to a potential rate cut by the US Federal Reserve soon, contributing to the weakening American greenback.

As a result, the local currency gained 0.29% week-on-week vs the dollar to end the week’s trades at a mid-rate of GH¢15.64/$ on the retail market.

This is the second week the cedi is making gains against the world’s most important currency.

Again, the local unit remained stable vs the British pound and the euro as market uncertainties in the Eurozone appeared to have calmed. 

Finance Minister, Dr. Mohammed Amin Adam is expected to present the 2024 Mid-Year Budget Review to Parliament today July 23, 2024.

The presentation will provide an update on the implementation of the 2024 budget, with insights into the economic and fiscal performance for the first half of the year.

Analysts believed this information will help the market gauge the country’s economic direction and policies regarding the cedi’s stability.

This will keep the cedi fairly stable as the market.

Meanwhile, the local currency is going for GH¢15.64 against the US dollar on the retail market.

So far this year, it has lost about 21% to the US dollar.