The Ghana cedi will enjoy a much-needed foreign exchange buffer in the near term on the back of the sizable inflows.
This follows some measures by the Bank of Ghana announced during the May 2023 Monetary Policy Committee (MPC) meeting.
At the same time, the Government of Ghana received a $103 million indicative Operations Project grant from the African Development Bank. Additionally, the International Development Association arm of the World Bank approved a $250 million loan to support Ghana’s financial stability fund.
All these boosted the foreign exchange supply in the market last week.
Analysts believe the Bank of Ghana’s initiative will reduce the strain on the local unit while the expected inflows enhance their spot market intervention capacity.
Last week, the cedi remained stable after the Central Bank announced some measures to stabilise it during the May 2023 MPC meeting.
After shedding 1.17% week-on-week and 2.82% week-on-week vs the dollar and the pound on May 28, 2024, the cedi remained stable for the rest of the week's trades.
Also, the local unit gained 0.78% week-on-week vs the euro.
It ended the week trading at a mid-rate of GH¢14.90 to one dollar. It has so far lost about 18.01% in value to the dollar since the beginning of the year.
Latest Stories
-
Joy Sports Invitational: NPA sweeps table tennis event
3 mins -
JoySports Invitational Tournament: NPA dominates, ARB Apex Bank and Sapholda Ventures win big
5 mins -
Ghanaian researcher redefining immunopathology and inflammatory disease research
5 mins -
IMF Board to review Ghana’s Programme for $360m disbursement on Dec. 2
38 mins -
Farmers’ Day celebrations set for November 8
1 hour -
How my investigation led to sex trafficking charges against ex-Abercrombie boss
1 hour -
JoySports Invitational Tournament: NIC and Sapholda Ventures win 100m events
1 hour -
Chartered Institute of Human Resource Management boss urges HR leaders to adapt to AI
2 hours -
Ziavi exhibits indigenous culture as it laid to rest Paramount Queen Mother, Mamagã Mawuedi II
2 hours -
Which will you vote for in 2024 Election: Honesty, Character, or Campaign Promises?
5 hours -
The ball is in Iran’s court after US pressure pays off
6 hours -
‘Japa’ sweeps Nigeria’s hospitals
6 hours -
Obuasi: Catholic Voices GH choral peace concert unites NPP, NDC
6 hours -
Lordina Supports NDC campaign in Ketu North with donation of medical equipment to Afife Health Centre
6 hours -
MTN Foundation delivers crucial technology tools to Eastern Regional Hospital
7 hours