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
-
Masai Ujiri, Giants of Africa unite African Diaspora in Toronto
33 minutes -
NDC accuses NPP of spreading falsehoods about GoldBod operations to undermine public trust
42 minutes -
Dr Ofori Sarpong donates state-of-the-art facility to PRESEC
45 minutes -
Women. Power. Politics. The Oldest Unpaid Job in the World (Issue 2)
53 minutes -
NDC denies diverting cocoa funds for presidential aircraft purchase, calls claim false
1 hour -
Full Report: Probe Committee Report on Charles Amissah’s death
1 hour -
Photos: Veep joins stakeholders at 3i Africa Summit to advance Africa’s digital integration
1 hour -
Charles Amissah’s death: Committee report should serve as a warning to health workers—Doctor
1 hour -
Think the weather forecast is unreliable?: Here is why
1 hour -
Women’s Development Bank to offer low-interest credit for female entrepreneurs – Trade Minister
1 hour -
UK immigration officer among two men guilty of working for Chinese intelligence
1 hour -
Fears of renewed Gaza war as Hamas disarmament talks stall
1 hour -
Israeli military investigates soldier’s act against Virgin Mary statue in Lebanon
1 hour -
Major rail disruption expected in southern England until end of day
1 hour -
The ‘Only Way Is Essex’ star Jake Hall dies aged 35
1 hour