The Ghana cedi is expected to remain stable against the US dollar this week.
This follows the inflow of US$360 million from the International Monetary Fund which has boosted market liquidity and slows demand.
Last week, the local currency held steady against the USD following improved market sentiments as foreign exchange demand eased.
This follows the IMF board’s approval and subsequent release of funds after the second review of Ghana’s 36-month Extended Credit Facility.
Conversely, the local unit shed 0.30% week-on-week and 0.25% week-on-week versus the pound and euro subsequent to the successful UK election.
The Ghana cedi has been on a rocky ride in the past weeks, grappling with the relentless corporate demand and its resultant depreciation.
As a result, it ended the first half of 2024 losing 22.45% vs the dollar on the retail market
Source: Business Analyst