Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd
The Ghana cedi recovered strongly against the US dollar in the last two weeks.
The local currency’s Year-To-Date losses reduced significantly from about 11% to roughly 6% over the two-week review period, supported by strong foreign exchange supply from the Bank of Ghana.
In the interbank market, it strengthened by 5.66% against the US dollar, 6.76% against the British pound, and 6.24% against the euro, settling at midrates of GH¢11.22 to one American greenback, GH¢14.83 to a pound, and GH¢12.86 to a euro, respectively.
This was mirrored in the retail market, where the cedi firmed by 2.07% against the US dollar to GH¢12.05 to a US dollar, and by 2.19% and 2.25% against the pound and euro, closing at GH¢16.00/pound and GH¢13.90/euro, respectively.
Source: newsthemegh.com