The cedi is expected to remain relatively stable on the forex market this week.
Analysts believe a positive Mid-Year Budget Review this month and a successful first evaluation of the International Monetary Fund programme could set the tone for the local currency’s trajectory in the second half of 2023.
The local currency lost marginal grounds against the dollar and the other major foreign currencies last week. It lost 0.21% week-on-week in value to the American greenback, depreciated 0.33% and 1.57% to the pound and euro, respectively.
This was a result of poor forex liquidity and increased demand pressures. The Bank of Ghana provided no support on the spot market.
However, the expected $20 million in bi-weekly forex support to Bulk Oil Distributors will cushion the cedi against volatility.
Together with a successful first review of the IMF programme and a promising Mid-Year Budget Review, investor confidence is expected to be boosted, all things being equal.
This will help reduce the pressure on the dollar and the other major foreign currencies.
The cedi is presently going for about ¢11.75 to one dollar in the retail market, whilst the Bank of Ghana quotes one dollar for ¢11.00.
Latest Stories
-
My government will partner with faith-based groups in development – Bawumia
2 mins -
Joy Prime’s Prime Morning to host show at sea in May Day celebration with Ghana Navy
8 mins -
Why increase contribution rate when you can’t manage what is given you? – NAGRAT asks SSNIT
45 mins -
There are greener pastures in Ghana – Prof Owusu-Dabo
2 hours -
Myjoyonline Interview with Abubakar Tahiru: Guinness World Record Holder for ‘Most Trees Hugged In An Hour’
2 hours -
JoyNews’ Clinton Yeboah honoured at 2023 Int’l Sports Media Awards in Spain
3 hours -
14 PWDs selected for maiden Africa Health Collaborative Medicine Counter Assistant training
4 hours -
Manchester United open to offers for nearly all of squad
4 hours -
Price of LPG per kilogramme constitutes 22% of taxes – LPG Marketers Association
5 hours -
Nigeria appoint Finidi George as new Super Eagles boss
6 hours -
Elevating Ghana’s creative industry: A blueprint for competing with Nigeria and South Africa
7 hours -
Poor finishing a problem for Asante Kotoko throughout the season – Prosper Ogum
8 hours -
Samini teams up with Francis Osei for ‘Sticks N Locks’ EP
8 hours -
Government should resource record labels – Seven Xavier
8 hours -
I need majority in parliament to successfully complete my term – Akufo-Addo pleads
8 hours