Cedi seen strengthening in coming week


Ghana’s cedi is expected to remain flat next week on an expected central bank dollar sale to offset increased demand as businesses mobilise funds for their end-of-quarter import bills, analysts said.

The local currency weakened nearly 4 percent in January on seasonal high corporate dollar demand, but it has since recovered the losses.

It was trading at 3.8450 to the dollar by 1120 GMT on Thursday, up from 3.8900 last week and down 1.2 percent year-to-date.

“There is a growing (dollar) demand towards end of quarter commitments that could put pressure on the cedi, but this is likely to be counter-balanced by expected central bank sales,” said Accra-based Dortis Research analyst Joseph Biggles Amponsah.



Source: Reuters