Ghana Cedi Gains Ground as Dollar Weakness Boosts Currency Outlook
The Ghanaian cedi is showing signs of recovery, supported by favourable external conditions and improving market sentiment. Over the past two weeks, the currency faced mild demand pressures at the start of the period, largely in line with market expectations. However, it regained ground in the latter half as broad “sell America” sentiment and sustained weakness in the United States dollar provided support to emerging and frontier market currencies. Interbank market performance In the interbank market, the cedi appreciated: 0.09% against the US dollar 0.86% against the pound sterling 1.16% against the euro It closed at mid-rates of GH¢10.97 to the dollar, GH¢14.81 to the pound, and GH¢12.93 to the euro. Retail market movement The gains also filtered into the retail segment. The cedi strengthened: 0.6% against the US dollar 1.29% against the pound sterling 1.11% against the euro It […]