Ghana: Cedi May Record Mixed Performance to Dollar This Week

22 March 2023
Ghanaian Times (Accra)

The Ghana cedi may record mixed performance against the US dollar this week.

This will be similar to what transpired last week as the local currency depreciated by a marginal 0.20% to the American greenback.

According to some analysts Joy Business engaged, the increased demand for the US dollar will trigger mixed development on the forex market.

Although the Finance Minister's visit to China on debt restructuring talks and the government's renewal of coupon payments may improve market sentiments, the analysts believed these were not enough to cause the cedi's recent gains against the American greenback.

Last week, the local currency also lost 1.16 per cent and 0.95 per cent to the pound and euro respectively, on strong corporate demands.

The Central Bank allocated $20 million to the Bulk Oil Distribution Companies and sold about $9 million on the spot market.

The cedi is presently going for ¢12.63 to one US dollar on the forex or retail market.

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