Following weeks of sustained depreciation, the Ghana cedi recovered across the major trading currencies, last week as demand pressures appeared to have subsided.
Indeed, the Bank of Ghana injected US$133.50 million into the forex market last week.
The local unit closed 0.31% week-on-week stronger against the US dollar to trade at a mid-rate of GH¢15.90 to one American greenback. This narrowed the year-to-date loss to 2.36%.
It began trading this morning March 25, 2025, at GH¢15.97 on the retail market.
The local also appreciated by 0.25% versus the GBP and 0.88% to the euro.
Next week, a team from the International Monetary Policy (IMF) would visit Ghana to commence the fourth review of the US$3.0 billion Economic Credit Facility programme.
The team’s assessment would be focused on the country’s performance under the Fund programme so far and the 2025 Budget.
Analysts believe a successful review could pave the way for another tranche disbursement, which would help BoG’s sell-side intervention.
The cedi is expected to be stable this week against the backdrop of the IMF’s visit.
The BoG’s market support is also expected to continue to check any demand pressures.
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