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
-
The Ghanaian prophet and the mysterious death of his scottish wife Charmain Speirs
2 minutes -
Nearly 400 sentenced in Nigeria for links to militant Islamists
23 minutes -
Ghana’s recovery supported by gold strength despite global oil price pressures – Standard Bank Research
30 minutes -
Kwaku Azar writes: A-G vs OSP
1 hour -
Mfantsipim–Adisadel rivalry built excellence, not division – Sam Jonah
1 hour -
Vice President launches Mfantsipim’s 150 years of shaping Ghana’s greatest mind
2 hours -
I assure Otumfuo, Mahama will join him to commission KNUST Teaching Hospital by end of this year – Haruna Iddrisu
2 hours -
Barcelona dominate derby to extend La Liga lead
3 hours -
Gov’t to roll out free special education for persons with disabilities from July 1 – Education Minister
3 hours -
Importers and Exporters Association declares full support for Publican AI port system
3 hours -
“We used it to test our officiating officials’ readiness” – Bawah Fuseini after CAA Athletics event
3 hours -
Volleyball emerges as Ghana’s fastest rising sport
3 hours -
National Sports Fund needs strong leadership from the top – Administrator David Wuaku
4 hours -
JoySports Exclusive: Steve McLaren in talks with GFA after expressing interest in Black Stars job
4 hours -
Fire guts auto parts warehouse at Bubuashie, one fire officer injured
4 hours