The Ghana cedi is anticipated to continue its upturn against the US dollar and other major currencies this week.
The expectation comes from improved foreign exchange(FX) support from the Bank of Ghana.
The central bank last week provided about $25 million to bolster liquidity in the FX market.
The Cedi recorded some gains last week across the major trading currencies in the retail market.
It appreciated 0.64% week-on-week to close the week’s trades at a retail market mid-rate of ¢11.68/$.
On the interbank market rate, it traded ¢10.99 to a dollar on Monday, July 3.
Bank of Ghana Exchange Rates pic.twitter.com/NODYr9BC02
— Bank of Ghana (@thebankofghana) July 4, 2023
It also gained 0.67% week-on-week against the pound while impressively gaining 1.60% against the euro despite persistent policy rate tightening by the Central Bank of Europe.
The Cedi has benefited immensely from the International Monetary Fund programme, boosting investor confidence.
The local currency ended the first half of this year with a better performance than the same period last year.
According to Bloomberg, the Cedi lost about -11.21% to the US dollar yet was still classified among African currencies with ‘Worst Spot’ Returns’.