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
-
I assure Otumfuo, Mahama will join him to commission KNUST Teaching Hospital by end of this year – Haruna Iddrisu
41 minutes -
Gov’t to roll out free special education for persons with disabilities from July 1 – Education Minister
1 hour -
“We used it to test our officiating officials’ readiness” – Bawah Fuseini after CAA Athletics event
1 hour -
Volleyball emerges as Ghana’s fastest rising sport
2 hours -
National Sports Fund needs strong leadership from the top – Administrator David Wuaku
2 hours -
JoySports Exclusive: Steve McLaren in talks with GFA after expressing interest in Black Stars job
2 hours -
Fire guts auto parts warehouse at Bubuashie, one fire officer injured
2 hours -
I owe my victory to coach Ofori Asare – Allotey after winning WBA Africa Gold Super Flyweight belt
2 hours -
Church of Pentecost supports over 2,000 BECE candidates in Obuasi with career guidance seminar
4 hours -
Brandon Asante and Coventry all but promoted to Premier League despite Sheffield Wednesday draw
4 hours -
GPL 2025/26: Late Kwartemaa strike downs Hearts in Tema
4 hours -
Ghana Faces Sierra Leone Moment as Prosecutorial Powers come under strain
4 hours -
Don’t consume fish or seafood from Tema Shipyard until further notice – FDA warns
4 hours -
Why volunteering might be Africa’s most underrated career accelerator
5 hours -
ActionAid Ghana raises concern over gender gaps in Feed Ghana Programme
5 hours