The Ghana cedi strengthened in value against the U.S. dollar last week as demand pressures for the dollar eased for the third week in June.
The local currency gained 0.21% against the dollar on the forex bureaus market despite an injection of $1.3 million in the spot market by the Bank of Ghana.
It is presently going for ¢11.70 to one US dollar at the forex bureaus, whilst the Bank of Ghana quotes one dollar for ¢10.99.
The cedi however lost marginally to the pound and the euro.
It lost 0.33% week-on-week against the pound and 0.79% week-on-week against the euro.
Sources indicate that the Bank of Ghana will hold its last auction for Bulk Oil Distributors(BODs) for the second quarter today June 27, 2023.
There is also an anticipated external debt restructuring before the first International Monitory Fund review in September 2023.
All these are expected to contribute to the performance of the cedi in the near term.
Despite its strong performance last week, analysts expect the local currency to exhibit a mixed performance this week.
This consequently narrowed its year-to-date loss to a little above 14%.
Bank of Ghana Exchange Rates pic.twitter.com/37lD7YzHdm
— Bank of Ghana (@thebankofghana) June 27, 2023