\n
The stabilisation of the Ghana cedi against the major foreign currencies is expected to continue this week, following a slowdown in foreign exchange demand.<\/p>\n
The local unit recovered some of its losses against the dollar, pound, and euro last week.<\/p>\n
It gained 1.01% against the US dollar, narrowing its year-to-date loss to 18.01%. Again, the cedi retrieved 2.36% week-on-week and 3.12% week-on-week of its losses against the pound and the euro, respectively.<\/p>\n
Gradually, the cedi is finding its footing against the major trading currencies after weeks of rough patches.<\/p>\n
The measures by the Bank of Ghana have been helping to keep the local unit afloat.<\/p>\n
After ironing out pertinent issues, Ghana and its official creditors concluded discussions on the $5.4 billion debt restructuring.<\/p>\n
The country is in the final stages of signing a memorandum of understanding with the creditors. This agreement will enable it to obtain approval from the International Monetary Fund (IMF) on the second review, leading to the disbursement of $360 million under the $3.0-billion-dollar Extended Credit Facility (ECF), later this month.<\/p>\n
Analysts believe this inflow, coupled with funds from other multilateral partners, will bolster foreign exchange liquidity and help stabilise the cedi.<\/p>\n
Cedi still ranked 4th worst\u00a0performing\u00a0currency in Africa<\/strong><\/p>\nMeanwhile, the cedi is still ranked among the worst currencies in Africa in 2024, according to Bloomberg.<\/p>\n
It pointed out that the cedi has depreciated by about 20.0% since the beginning of this year.<\/p>\n
Samantha Singh-Jami, Africa Strategist at Rand Merchant Bank, attributed the cedi\u2019s decline to robust dollar demand from oil importers, the pharmaceutical sector, and FMCG companies.<\/p>\n
\u201cDespite recent efforts to bolster foreign exchange reserves, liquidity constraints in the market persist,\u201d she noted.<\/p>\n
Presently, one dollar is going for about GH\u00a214.92 at the forex bureaus.<\/p>\n
Source<\/strong>:\u00a0Joy Business<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The stabilisation of the Ghana cedi against the major foreign currencies is expected to continue this week, following a slowdown in foreign exchange demand. The local unit recovered some of its losses against the dollar, pound, and euro last week. It gained 1.01% against the US dollar, narrowing its year-to-date loss to 18.01%. Again, the […]<\/p>\n","protected":false},"author":1,"featured_media":156281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-189034","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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