Audio By Carbonatix
The Ghana cedi gained 0.63% week-on-week versus the US dollar last week as demand pressures waned.
The local currency consequently closed the week at GH¢15.96 to one US dollar. This narrowed its year-to-date loss to 1.74%.
Foreign exchange demand pressures appeared subdued last week as the market remained mostly liquid. The Bank of Ghana offered US$190 million through its daily auctions last week, but only US$84.80 million was absorbed by market participants. This indicated an acceptance ratio of 44.6%.
Additionally, US$65 million traded on the interbank market, boosting liquidity.
This helped the Ghana cedi strengthen by 6.6% vs the US dollar, closing as the best-performing currency on the interbank market among the basket of 15 Sub-Saharan currencies.
It began this week unchanged to the American greenback.
On the outlook for this week, analysts expect the sustained moderation in foreign exchange demand pressures, coupled with timely central bank interventions.
This will further improve market liquidity and provide a respite to the Ghana cedi.
Latest Stories
-
Mahama enjoys 67% approval as majority of Ghanaians express optimism – Global InfoAnalytics
9 minutes -
MTN Ghana spreads Y’ello Cheer to Christmas Babies in Savannah Region
9 minutes -
Most Ghanaians say living conditions have improved over the past year – Global InfoAnalytics
24 minutes -
Banks and Telcos respect Only Money, not Customers
28 minutes -
Majority of voters back extension of presidential term to 5 years – Poll
48 minutes -
Kennedy Agyapong has what it takes to defeat NDC if he wins NPP primaries – Aide
50 minutes -
Ghana’s Extradition Bid for former Finance Minister faces Probable Cause hurdle in US Federal Courts
50 minutes -
Benjamin Asare is 70% ready to return – Didi Dramani
1 hour -
GH₵50 fee dispute turns violent as client assaults sex worker in Sekondi
1 hour -
ECG restores electricity credit purchases for MMS-compliant meters
2 hours -
Gender Ministry, SOC-G, validates Non-Profit Organisation Secretariat operational documents
2 hours -
ECG restores power credit purchases for MMS-compliant prepaid meters
2 hours -
Nafan FC crowned champions of inaugural PAJ Foundation giveback tournament
2 hours -
Prof H. Prempeh questions compulsory retirement at 60, proposes extended working age for lecturers
3 hours -
Trump says progress made in Ukraine talks but ‘thorny issues’ remain
3 hours