Ghana’s cedi is expected to continue its rally next week as forex inflows improve amid lower import demands on the currency, while the Zambian kwacha is likely to come under pressure on reduced dollar supply.
GHANA Ghana’s cedi is expected to continue its rally next week to recoup all its recent losses against the dollar on improved forex inflows as first quarter import demand pressures on the currency eases, analysts said. After touching record lows of 4.7420 to the dollar early this month, the cedi has steadily regrouped, rallying to 4.5600 by mid-morning on Thursday compared to 4.6750 a week ago. It is down around 8 percent since January, according to Reuters data.
“The cedi’s (rallying) momentum appears not to be waning any time soon and we could see it recover its losses further against the dollar in the face of improved forex liquidity and a somewhat dwindling demand,” Joseph Biggles Amponsah, analyst at the Accra-based Dortis Research said.
(Reuters)
