The Ghanaian cedi strengthened further against the US dollar last week amid growing corporate demand.
The forex market remained optimistic about an imminent rate cut by the US Federal Reserve, leading to a decline in the value of the US dollar.
Consequently, the local currency appreciated by 0.29% against the dollar on a week-on-week basis, closing the week at a mid-rate of GH¢15.64 to a dollar in the retail market.
This marks the second consecutive week that the cedi has strengthened against the US dollar, continuing its recent gains.
Again, the local unit remained stable against the British pound and the euro as market uncertainties in the Eurozone appeared to have calmed.
So far, the cedi has depreciated by approximately 21% against the US dollar.
Meanwhile, Finance Minister Dr. Mohammed Amin Adam is slated to deliver the 2024 Mid-Year Budget Review to Parliament today, July 23, 2024.
This update will assess the progress of the 2024 budget implementation, offering insights into economic and fiscal performance during the first half of the year.
Analysts anticipate that this information will guide the market in assessing Ghana’s economic trajectory and policies affecting the stability of the cedi.