The pressure on the Ghana cedi is expected to ease this week, following the anticipated news of the inflow of the $800 million cocoa syndication loan by next month.
Analysts believe the expected inflow of the first tranche of the cocoa syndication loan would soften the pressure on the local currency.
Again the 39th biweekly Bulk Oil Distribution Companies Foreign Exchange auction slated for this week will help reduce the demand for the dollar and cushion the cedi.
Last week, the local unit lost 1.99% to the dollar, amidst limited Bank of Ghana foreign exchange support. This took its year-to-date loss on the retail market to about 11.80%.
It also weakened by 1.02% and 0.79% to the pound and the euro respectively
The Bank of Ghana has been intervening in both the spot market and forward forex auctioning. For instance, it intervened in the market with $4.25 million last week, but that could not hold up the cedi as it registered a weekly loss.
On the international currency market, the US dollar has appreciated in recent months helped by resilience in US economic activity and safe haven demand due to the slowdown in China.
Meanwhile, some market watchers and analysts still believe the local currency will end 2023 at ¢11.60 to a dollar
Latest Stories
-
East Legon crash: Police pursue TikTokers for ‘false claims’ about Salifu Amoako’s son’s location
23 mins -
Severe food shortage force some SHSs to serve repetitive meals
32 mins -
Don Julio 1942 launched by Guinness Ghana Breweries with an enchanting Halloween Ball celebration
34 mins -
3 Central Region MCEs intensify cholera control efforts after 5 deaths
40 mins -
Bawumia’s 12 ‘Bold Steps’ to expand educational opportunities for all
42 mins -
Mahama criticises NPP for accumulating energy debt to pass on to next NDC gov’t
42 mins -
Agromonti empowers Techiman farmers with sustainable agriculture training in CSR event
48 mins -
Ghanaians deserve certificates for enduring hardship under NPP – Mahama
48 mins -
AG’s office needs 1,500 public attorneys for proper discharge of functions – Godfred Dame
49 mins -
Court sentences man to life imprisonment for murdering girlfriend; daughter
1 hour -
Bawumia’s $80 bn value claim for Spotify, false – Dubawa
1 hour -
GBA President calls for transparent and fair December election
2 hours -
November 8 not a public holiday – Interior Ministry
2 hours -
Policies the Church can promote to ensure every birth by a congregant is wanted, not unintended
2 hours -
Next NPP government to build new AG offices in all regions – Godfred Dame
2 hours