The Ghana cedi will continue to exhibit mixed performance this week against the major foreign currencies as renewed corporate demand surges.
This is coming after the local currency recorded mixed performance last week.
Last week, the cedi held steady during the initial sessions after the Bank of Ghana provided some foreign exchange support, but weakened at the tail end due to rising corporate demand.
The local cedi lost 0.44% week-on-week against the US dollar to end last week’s trade at a mid-rate of GH¢11. 48 pesewas on the retail market.
It, however, remained stable against the pound while advancing 1.61% vs the euro.
In the 34th foreign exchange auction for Bulk Oil Distribution Companies (BDCs), the Central Bank provided $20 million at a 30-day forward rate. Also, FX demand poured in from local corporates from the mid-week sessions to the last trading session, which put the local unit on the back foot.
The cedi has lost about 11.5% to the dollar on the retail market since January 1, 2023, and about 21% on the interbank market.
It is presently going for GH¢11.48 to one American greenback on the forex market.
