The Ghana cedi continued its revival for the second consecutive week, supported by increased liquidity by the Bank of Ghana.

This follows the Central Bank’s injection of US$199.8 million into the market, along with foreign exchange inflow of US$21.55 million from market participants.

The local unit recouped 1.42% week-on-week against the dollar. It also gained 3.03% versus the pound and 3.36% to the euro.

The cedi quoted at a mid-rate of GH¢16.79 to a dollar at the close of the week’s trading last week.   It however began the week going for GH¢16.70 to the American greenback.

So far this year, it has however lost 27% in value to the US dollar

Last week, the International Monetary Fund hinted at disbursing US$360 million to Ghana under the country’s Economic Credit Facility programnme after a Board approval of the third review in early December 2024.

This follows positive strides towards the key programme parameters, notably the successful debt restructuring attained earlier this year.

Analysts expect this development to improve market sentiment and ease pressure on the cedi as the funds will augment Ghana's foreign exchange reserves and support supply-side interventions.

Against this backdrop, the cedi will continue to gain in value in the coming weeks.