The Ghana cedi is expected to gain some respite against the US dollar this week following the weakening American greenback as there is a possible recession in the USA.
Last week, the local unit clawed back some losses on the major trading currencies due to moderating corporate demand pressures.
The Bank of Ghana auctioned $20 million to the Bulk Oil Distributing Companies at a forward rate of GH¢15.56 to a dollar.
This may have helped soften corporate demand.
Consequently, the Ghana cedi gained 2.37% and 1.18% week-on-week vs the pound and the euro, while remaining stable at a mid-rate of GH¢15.88 to the American greenback.
So far this year, the cedi has lost about 23.11% to the US dollar. It is going for GH¢15.87 to the American greenback on the retail market.
Meanwhile, the Government of Ghana intends to pay coupons on the restructured domestic bonds worth GH¢6.1 billion this month.
Analysts believe this development could reignite cedi-funded foreign exchange demand as some foreign investors may seek to repatriate funds.
This and the prevailing corporate demand pressure may pose some depreciation risks on the cedi.
Latest Stories
-
One caged, others granted bail for allegedly killing man at Tsiame
60 mins -
‘The time for talk is over’- Senyo Hosi calls for radical action against galamsey
1 hour -
Galamsey: Declare state of emergency to save water bodies – Federation of Labour urges Akufo-Addo
2 hours -
Galamsey crises: GLOMEF condemns government for failing to end the menace
3 hours -
Passengers stranded after strike at main Kenya airport
4 hours -
Mandate chiefs to select government appointees to MMDAs
4 hours -
This is the time for righteous anger – Bishops’ Conference call for urgent action against galamsey
5 hours -
National Service Scheme warns against attempts to influence postings through illegal payments
5 hours -
Financial difficulties and job insecurity drive rising suicide cases – Mental Health Authority
6 hours -
Prof Kwasi Opoku-Amankwa: Cancellation of teacher licensure: Not the way to go
6 hours -
Robert Mensah of Eusbett Hotel named CIMG Marketing Practitioner of the Year 2023
6 hours -
Haitian Americans fear for their safety after Trump repeats false claims about immigrants
6 hours -
US seizes over 350 websites used to import gun parts from China
6 hours -
Former Peruvian leader Alberto Fujimori dies at 86
6 hours -
Churchill photo stolen in Canada discovered in Italy
7 hours