Audio By Carbonatix
The Ghana cedi strengthened in value against the US dollar last week as demand pressures for the American greenback ease.
The local currency gained 0.21% against the dollar despite an injection of $1.3 million in the spot market by the Bank of Ghana. This consequently narrowed its year-to-date loss to a little above 14%.
It however lost marginally to the pound and the euro. The local unit lost 0.33% week-on-week against the pound and 0.79% week-on-week against the euro.
There is an anticipated external debt restructuring before the first IMF review in September 2023, whilst the Bank of Ghana holds its last auction for Bulk Oil Distributors for the second quarter today June 27, 2023. All these are expected to contribute to the performance of the cedi in the near term.
Despite its strong performance last week, analysts expect the local currency to exhibit a mixed performance this week.
The cedi is presently going for ¢11.70 to one US dollar at the forex bureaus, whilst the Bank of Ghana quotes one dollar for ¢10.99.
Latest Stories
-
Hamamat and Wiyaala land tourism ambassadorial roles
2 hours -
A singer’s tragic death highlights Nigeria’s snakebite problem
3 hours -
King Charles to host Nigeria’s first UK state visit in 37 years
3 hours -
Mikel Arteta: Arsenal’s 9-point lead at top of Premier League means ‘nothing’
4 hours -
Japan votes in snap election as PM Takaichi takes a gamble
5 hours -
Bloodshed in Kpandai as rival chieftaincy factions clash over gravel pit
5 hours -
Most couples learn these 12 hard lessons way too late
6 hours -
Vote-buying allegations: Refer Ayawaso East incident to OSP — Mussa Dankwah tells Mahama
6 hours -
Government plots audacious 180,000-hectare coconut expansion to dominate global markets
7 hours -
AMA doubles sweepers’ wages to GH₵800
8 hours -
Ashie Moore admits defeat in war against vote buying
8 hours -
UniMAC mourns with family as student killed in road crash is laid to rest
8 hours -
Bribery scandal rocks NDC Ayawaso East primary as IMANI President demands total annulment
8 hours -
Pollster Mussa Dankwah reacts as Baba Jamal defies projections in NDC Ayawaso East Primary
9 hours -
Government to roll out Free Primary Healthcare in the first week of April
10 hours